Bitcoin ( BTC ) miners show no signs of “capitulation” despite their revenue falling to 14-month lows following the halving event in April. 

In an April 30 post to X, CryptoQuant CEO Ki Young Ju said that following a drop in revenue to levels post having, Bitcoin miners now face two options, capitulation or await growth in the price of Bitcoin to cover their costs.

“Now they have two options: 1. Capitulation, or 2. Waiting for a rise in BTC price.”

Citing the 365-day Puell Multiple chart — a metric that estimates the level of sell pressure from miners — Ju said miners show no signs of capitulation “for now.”

Bitcoin miner revenue has fallen to lows not seen since Feb. 25, 2023. Source: CrytpoQuant

Ju’s analysis comes as a recent crypto price dip has sparked concerns about miner capitulation.

Bitcoin miner revenue soared immediately following the halving with rare satoshi hunters and Runes Protocol degens paying through the nose for space on the first blocks mined after the halving on April 20.

However, the appetite for these novel Bitcoin-based assets has declined in recent weeks — weighed down by a wider lull in price action across the crypto market.

“Miners had a brief reprieve following the halving as bitcoin’s price rose, but their profits are now being seriously crunched post-halving now that the spot BTC price is moving against them,” said market research provider The Bitcoin Layer in an April 30 post on X. 

“Miner capitulation risk is on the rise, with profits as squeezed as they are. If bitcoin’s price continues correcting downward over the next few days and it stretches into a weeks-long spell, big miners are at risk of having to liquidate a bunch of bitcoin on order to hedge themselves," the firm added.

Related: Bitcoin’s ‘euphoria phase’ cools, but a BTC bottom could be near — Glassnode

Notably, Bitcoin’s hashprice — the expected value of 1 Terahashes of hashing power per day — has fallen to an all-time low of $46.55, down 74% from its post-halving peak, per Hashrate index data .

The price of Bitcoin is currently sitting at $60,400, down 18% from its March 14 all-time high of $73,700 per TradingView data.

Similarly, the second largest cryptocurrency, Ether (ETH), is also down 26% from its yearly high of $4,070 on March 12.

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