Institution: Bitcoin miners enter a "surrender period," with mining difficulty dropping over 20% from historical highs

Galaxy Research stated that Bitcoin miners are entering a "Miner Capitulation" phase, with the current network mining difficulty having decreased by more than 20% from its historical peak, marking the largest drawdown since the comprehensive crackdown on Bitcoin mining in China in 2021.

The organization pointed out that this is the most significant decline in Bitcoin network difficulty from its peak in the past five years, reflecting that some miners are continuously exiting the network or shutting down their equipment amid a sluggish market and pressured profitability.