Bitcoin miners are holding firm in the face of dwindling revenue, which has dropped to its lowest point in 14 months following the halving event in April. Despite this significant decline, miners are not showing signs of capitulation, according to CryptoQuant CEO Ki Young Ju.

In a post on April 30, Ju outlined that miners, faced with reduced revenue levels post-halving, have two choices: either capitulate or wait for a rise in the price of Bitcoin to offset their costs. The 365-day Puell Multiple chart, which estimates the level of sell pressure from miners, indicates that miners are not capitulating at this time.

Bitcoin miner revenue has fallen to levels not seen since February 25, 2023. This analysis comes amidst concerns about miner capitulation triggered by a recent dip in crypto prices.

Following the halving, Bitcoin miner revenue initially surged, driven by rare satoshi hunters and participants in the Runes Protocol, who were willing to pay a premium for space on the first blocks mined after the halving on April 20. However, interest in these novel Bitcoin-based assets has waned in recent weeks, coinciding with a broader downturn in the crypto market.

The Bitcoin Layer, a market research provider, noted that miners enjoyed a brief respite after the halving as Bitcoin's price increased. However, their profits are now under pressure post-halving, especially as the spot BTC price moves against them.

The firm warned of increasing miner capitulation risk, as squeezed profits could force large miners to liquidate Bitcoin holdings to hedge their positions if the price continues to decline over the coming days or even weeks.

Bitcoin's hash price, which reflects the expected value of one terahash of hashing power per day, has plummeted to an all-time low of $46.55, down 74% from its post-halving peak, according to data from Hashrate Index.

Currently, Bitcoin is trading at $60,400, down 18% from its March 14 all-time high of $73,700, according to TradingView data. Similarly, Ether, the second-largest cryptocurrency, is trading at $2,877, down 26% from its yearly high of $4,070 on March 12.