Bitcoin miners are not showing signs of "capitulation" even though their revenue has dropped significantly since the halving event in April. According to Ki Young Ju, CEO of CryptoQuant, miners are currently faced with two choices: they can either capitulate or wait for the price of Bitcoin to increase to cover their costs.

Ju's analysis, based on the 365-day Puell Multiple chart, suggests that miners are not capitulating at the moment. Despite a recent dip in the price of Bitcoin, concerns about miner capitulation have emerged.

Following the halving, Bitcoin miner revenue experienced a temporary surge as demand for new Bitcoin-based assets increased. However, interest in these assets has declined recently due to a general slowdown in the crypto market.

The price of Bitcoin has dropped to $60,400, a decrease of 18% from its peak in March. Ether (ETH), the second largest cryptocurrency, has also seen a 26% decrease from its high in March.

Additionally, the hashprice of Bitcoin, indicating the expected value of hashing power, has reached an all-time low of $46.55, down 74% from its post-halving peak.

The decline in revenue and hashprice, combined with the overall market correction, has raised concerns about the potential for miner capitulation if Bitcoin's price continues to decrease.