BlockBeats News, June 21st, Galaxy Research stated that Bitcoin miners are entering a "Miner Capitulation" phase, with the current network mining difficulty dropping over 20% from its all-time high, marking the largest pullback since China's comprehensive crackdown on Bitcoin mining in 2021.

The institution pointed out that this is the most significant drop in Bitcoin network difficulty from its peak in nearly five years, reflecting that amid a bearish market and squeezed profitability, some miners are continuously exiting the network or shutting down their equipment.