Bitcoin Hashrate Records Sharpest Monthly Drop Since Early 2024 as Miner Margins Compress

On 23 December 2025, analysts highlighted that Bitcoin’s hashrate has seen its steepest monthly pullback since early 2024, signaling rising stress across the mining sector. Research indicates that previous periods of miner capitulation and falling computing power have often preceded stronger medium-term price recoveries. With about 1.3 gigawatts of capacity estimated to be offline in China and margins squeezed by power costs and competition, the current reset may be clearing out weaker operators rather than signaling structural demand weakness.