The Bitcoin Miner Participation Index has dropped to -1.04, indicating reduced selling pressure from miners, while a rare network reorganization occurred.
The Bitcoin Miner Participation Index (MPI) has fallen to -1.04, representing the third lowest level recorded. CryptoQuant analyst Ignacio Moreno de Vicente suggests this could signal a bullish trend ahead.
“Historically, the signal becomes more actionable when MPI begins to rise from these lows, indicating re-engagement alongside improving market conditions.” – @MorenoDV_
This decline indicates that miners are sending fewer Bitcoin to exchanges compared to the annual average, resulting in reduced selling pressure. Moreno de Vicente views this low MPI as a positive sign, indicating diminished supply from consistent market sellers.
Similar MPI levels have been seen during miner stress or after capitulation phases, typically in times of macroeconomic uncertainty. However, he cautions that low MPI alone does not guarantee a price bottom, emphasizing the need for increased demand to support any upward price movement.
“MPI reflects the relative behavior of sellers but does not show who is absorbing the supply. Without a clear expansion of demand, a low MPI alone cannot ensure a sustainable upward movement,” he stated.
Currently, Bitcoin is trading around $71,000, having risen 3.9% in the past 24 hours.
Unusual Blockchain Reorganization Occurs
A concentration of Bitcoin miners led to a rare network reorganization event. Foundry USA, the largest mining pool, was at the center of this occurrence.
“We just had a rare-ish two block fork/reorg between Foundry and AntPool+ViaBTC. Foundry mined six blocks in a row.” – @0xB10C
On March 23, both Foundry and AntPool discovered blocks almost simultaneously, causing a temporary chain split. Foundry managed to mine several consecutive blocks, establishing its version of the chain as the dominant one.
This event, which occurred at block height 941,881, resulted in some nodes accepting one branch of the chain while others accepted the alternative. The subsequent heights were claimed predominantly by Foundry, leading to a longer chain and restoring consensus shortly after.
Despite the two-block reorganization, Bitcoin's security remained intact, and the network functioned normally. However, this incident raised concerns about the risks associated with mining pool concentration, as fewer pools controlling the hashrate can lead to increased chances of competing chains.
On March 21, mining difficulty decreased by 7.76%, marking the second largest decline in 2026, as hashrate dropped from a record 1 ZH/s to about 920 EH/s. The current Bitcoin price has made mining unprofitable for many smaller miners, leading to a concerning trend of reduced market participation.
As of March 9, the volume of unmined Bitcoin reached 1 million, with the remaining supply expected to be fully mined by 2140.
