The Miner Participation Index (MPI) has dropped to -1.04, marking the third lowest level in history. CryptoQuant analyst Ignacio Moreno de Vicente noted this development as a bullish signal.
Extreme Miner Inactivity: A Hidden Strength or Silent Warning?
— CryptoQuant.com (@cryptoquant_com) March 23, 2026
“Historically, the signal becomes more actionable when MPI begins to rise from these lows, indicating re-engagement alongside improving market conditions.” – By @MorenoDV_ pic.twitter.com/Few2hTlmgz
Such levels indicate that miners of the leading cryptocurrency are sending fewer coins to exchanges than usual, compared to the annual average. The selling pressure from their side is structurally reduced.
According to the expert, the extremely low MPI is a positive signal: the supply from one of the most consistent and natural sellers in the market is decreasing.
In previous cycles, similar values were observed during periods of miner stress or post-capitulation phases—often amid macroeconomic uncertainty and margin compression. However, a reduction in selling pressure does not serve as a reliable indicator of an absolute price bottom, Moreno de Vicente emphasized.
“MPI reflects the relative behavior of sellers but does not show who is absorbing the supply. Without a clear expansion of demand (spot flows, inflows into ETFs or positioning in derivatives), a low MPI alone cannot ensure a sustainable upward movement,” he added.
The signal becomes stronger when the index starts to rise from its lows, indicating a return of activity as market conditions improve.
At the time of writing, Bitcoin is trading around $71,000, having increased by 3.9% in the last 24 hours.
Hourly chart of BTC/USDT on Binance. Source: TradingView.
Rare Blockchain Reorganization
The concentration of Bitcoin miners led to a rare event—a network reorganization. The largest pool, Foundry USA, which consolidates computing power for transaction verification and block mining, was at the center of this event.
We just had a rare-ish two block fork/reorg between Foundry and AntPool+ViaBTC. Foundry mined six blocks in a row.https://t.co/qpj7eLlh0U pic.twitter.com/Jd5m1LX036
— b10c (@0xB10C) March 23, 2026
On March 23, Foundry and AntPool found blocks almost simultaneously, causing a temporary split in the chain. Foundry outpaced its competitors by mining several blocks in a row, making its version the main one. The blocks from AntPool and ViaBTC became "orphaned": they were excluded from the ledger, leaving miners without rewards.
At height 941,881, both pools found valid blocks with a 12-second interval (15:49:35 and 15:49:47 UTC). The network diverged: some nodes accepted one branch, while others accepted the other. At the next height, ViaBTC continued AntPool's chain, while Foundry continued its own, creating two competing lines two blocks deep.
Foundry then claimed the next heights (941,883 and 941,886), giving its version a decisive advantage in terms of work done. Transactions from the "orphaned blocks" did not disappear but returned to the mempool.
A two-block reorganization does not threaten Bitcoin's security—the network functioned normally, selecting the longer chain and restoring consensus within minutes.
However, the incident highlighted the risks of concentration: the fewer pools that control hashrate, the higher the likelihood that one of them will mine several blocks in a row, increasing the chance of competing chains emerging when large players mine simultaneously.
On March 21, mining difficulty decreased by 7.76%—the second largest negative change in 2026. Hashrate fell from a record 1 ZH/s to approximately 920 EH/s.
Small and medium miners are leaving the market: with Bitcoin priced at $70,000, mining has become unprofitable. The estimated breakeven cost is $88,000. Each exit concentrates the remaining hashrate in the hands of fewer pools—this problem is only worsening.
As a reminder, on March 9, the volume of yet-to-be-mined coins of the first cryptocurrency reached the mark of 1 million. The remaining Bitcoins will only be mined by miners by the year 2140.