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Institution: Bitcoin miners enter the "surrender phase," with mining difficulty down more than 20% from historical highs
BlockBeats News. June 21. Galaxy Research said that Bitcoin miners are entering a “miner capitulation” phase. The current network mining difficulty has fallen by more than 20% from its historical high, marking the largest drawdown since China’s comprehensive crackdown on Bitcoin mining in 2021.
The institution noted that this is the most significant drop in Bitcoin network difficulty from its peak in the past five years, reflecting that, amid a sluggish market and mounting pressure on profitability, some miners are continuing to leave the network or shut down their equipment.