Bitcoin’s Struggle Continues: Miners Feeling the Pain, But Not the Bottom… Yet!

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Oh, dear reader, the saga of Bitcoin‘s woes continues! The Puell Multiple-yes, that lovely metric we’ve all come to cherish for tracking Bitcoin miner revenue-has just taken a plunge. While it’s not in the dreaded “bottom zone” yet, let’s not get too comfy. Miner revenue has been slipping, and not just a little! 📉

The Puell Multiple Has Dipped to a Mere 0.67

Analyst Ali Martinez, in a post on the ever-entertaining X (formerly Twitter), discusses the latest grim trend in the Bitcoin Puell Multiple. For those unfamiliar, the “Puell Multiple” measures the ratio of the daily BTC mining revenue (in USD, mind you) to the 365-day moving average of the same revenue. Sounds complicated? Don’t worry, it’s just a fancy way to say miners are getting less than they used to.

Miners, as we know, make their living through two streams: block subsidy and transaction fees. However, in the context of this metric, only the block subsidy matters. A fixed BTC reward is given to miners when they add a block to the chain, and this subsidy tends to be the stable breadwinner for miner incomes.

Now, when the Puell Multiple is above 1, it means miners are living the good life, earning above-average revenue from block subsidies. When it’s below 1? Well, that’s like being served a cold dinner-miners aren’t earning as much as they’d like.

Take a look at the chart Martinez shared-it’s a sight for sore eyes. The Bitcoin Puell Multiple has recently gone south, slipping below 1, thanks to Bitcoin’s bearish price action. In other words, the drop in BTC price has put a huge dent in miners’ paychecks. No surprise there! 💸

For the non-finance geeks, the block subsidy reward is fixed in BTC terms, and miners’ daily BTC income doesn’t fluctuate much. But the USD value of that reward? Well, that’s as volatile as your uncle’s mood at a family gathering! When Bitcoin’s price plummets, so does the value of miners’ earnings. 🎢

The recent bull run sent the Puell Multiple above 1, meaning miners were getting a nice payday. But alas, the market downturn has brought things back down to reality, with the value now sitting at 0.67. In other words, miners are getting only 67% of their usual earnings from the last year. Talk about a tough time at the office!

Historically, when miners feel this much pain, it often signals that a bottom might be around the corner. But hold your horses! The analyst has pointed out that major bottoms since 2015 have typically occurred when the Puell Multiple dips below 0.50. So, while miners are hurting, we might not be quite at the bottom just yet. 🍑

The BTC Price: A Flicker of Hope

And now, for the silver lining! Bitcoin’s price has managed a small rebound, trading around $91,600. Will it hold? Only time-and the volatility gods-will tell. ⏳

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2025-11-28 11:17