Bitcoin hashrate bear market: -145 EH/s, hashprice -27%
Bitcoin hashrate bear market signals are building as the network sheds 145 EH/s since May 28. Total hashrate is reported at 885 EH/s, while hashprice falls 26.96% over 30 days to about $28.26 per PH/s.
Miners are earning less: hashprice (a proxy for daily mining revenue per 1 PH/s) was about $38.69 a month earlier (May 7).
Fees remain structurally weak. On-chain transaction fees are under 1% of miner rewards (0.73% over the past day, median average), even as block production drifts above the 10-minute target. This keeps pressure on profitability and raises the chance miners will continue cutting capacity.
Difficulty dynamics: after the previous adjustment that raised difficulty by 1.72%, a projected 10.76% difficulty reduction is expected on June 13, 2026. Average block times are around 11 minutes 12 seconds over the past day, consistent with slower block discovery.
Elektron Energy CEO Rapha Zagury called this the first historic “Bitcoin hashrate bear market,” arguing it is market-driven contraction rather than an endangerment of security (a 51% attack would remain costly). He flags a deeper long-term risk: a stagnant fee market that may not compensate for the steadily shrinking block subsidy.
For traders, the key link is that falling Bitcoin hashrate bear market metrics typically coincide with lower miner revenues and more sensitivity to BTC price weakness—an environment that can amplify volatility around funding, mining economics, and risk appetite.
Bearish
The article’s central point is a developing “Bitcoin hashrate bear market”: hashrate down 145 EH/s (to ~885 EH/s) and hashprice down ~27% in 30 days. That combination usually reflects reduced miner profitability, which can translate into more selling pressure from levered/uneconomic miners and greater sensitivity to downside BTC moves.
In the short term, the projected 10.76% difficulty reduction on June 13 may provide partial relief by lowering the computational effort needed to find blocks, but it does not fix the underlying revenue squeeze while on-chain fees remain <1% of rewards.
Historically, periods where miner economics deteriorate (falling hashprice/revenue alongside drifting block times) tend to coincide with higher network stress and can reinforce bearish sentiment—especially when investors interpret miner-driven capitulation risk as a sign that downside could persist.
In the long term, the key risk flagged by Rapha Zagury is fee-market stagnation: as block subsidies continue to shrink, without stronger fees the system may rely more on price cycles and miner selection, potentially keeping hashprice volatility elevated. This supports a bearish bias until fee contribution rises or BTC stabilizes enough to restore miner margins.