Bitcoin's mining difficulty just hit a wall. Over the past two months, the hashrate dropped roughly 15% from its October peak, signaling what looks like sustained miner capitulation. The pressure is real—when BTC prices can't justify operational costs, miners have no choice but to shut down rigs or exit the game entirely.

What's happening on-chain tells the story: the network is experiencing prolonged downward pressure on hash power, now stretching close to 60 days. This isn't a quick blip. It suggests that mining economics have turned ugly for many operators, especially those running older hardware or dealing with high electricity costs.

Historically, extended capitulation phases create inflection points. When marginal miners throw in the towel, network security adjusts, but survivor miners often emerge stronger. For traders watching the chain, this metric is worth monitoring—mining stress often precedes significant market moves.