"RBC-Crypto" does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
The fall in the price of Bitcoin and increased competition in the mining sector have created conditions for record low profitability indicators for mining the main cryptocurrency. This, in turn, has led to a "tactical" decrease in the hash rate in recent months, as written in a report by the management company VanEck. Experts, having studied the historical data of Bitcoin and compared the dynamics of the hash rate and the price of Bitcoin, noted a high probability of an increase in the next six months.
A statistical analysis by VanEck since 2014 showed that periods of hash rate decline are often a bullish signal for the price of Bitcoin in the medium term. In periods when the hash rate fell over the past 90 days, the return on Bitcoin was positive in 77% of cases over the next 180 days. And the average price increase was 72%.
Thus, "miner capitulation may indicate that a bottom has been reached" for the price of Bitcoin. VanEck wrote that historically such dynamics is a "bullish signal contrary to popular belief".
The peak of the hash rate indicator, that is, the total power of all devices actively mining Bitcoin, was recorded at around 1.31 Zh/s (zetahash per second) on October 24. Since then, the value has decreased to 1.02 Zh/s by December 23 (a drop of almost 25%). During the same time, the price of Bitcoin fell from $110 thousand to $87.5 thousand, and the price peak was in early October at the level of $126.2 thousand.
As noted in a report by the publication TheMinerMag in early December, at the current prices of Bitcoin (about $87 thousand) and the level of competition worldwide, even the most efficient companies with cheap energy are operating practically at break-even.
And although mining profitability has been low lately, VanEck noted, many companies continue to mine despite the poor economic situation because they "believe in the future of Bitcoin".
Experts also noted the role of so-called DAT companies (Digital asset treasury), which are buying up Bitcoin as a reserve. Over 30 days until mid-December, these companies purchased about 42 thousand BTC during the downturn. This is the largest purchase of Bitcoin by DAT participants since the period from July 16 to August 15, 2025, when DAT participants added 128.1 thousand BTC.
DAT projects are public companies that are engaged in creating and managing a cryptocurrency reserve. They mainly raise funds for the purchase of digital assets by issuing shares or bonds.
Such companies in 2025 became one of the most popular trends in public markets. Their stock prices soared at the start, sometimes by thousands of percent, but the year is ending less successfully than it began.
According to information from Bloomberg, the median drawdown for stocks of public companies from the US and Canada was 43% as of December 8. According to the publication's calculations, most of these companies were unprofitable, and by the end of the year, 70% of DAT project stocks will be worth less than at the beginning.
The price of 85% of tokens launched in 2025 fell below their market entry price
The Bitcoin price fell short of forecasts for 2025. Who predicted what
Experts allowed for a fall in Bitcoin to as low as $56 thousand. Where does this conclusion come from
