BTC miner profitability continues to decline, analyst says

Bitcoin miner profitability has worsened, with the Puell Multiple falling from 0.83 in late May to its current 0.74, according to on-chain analyst Axel Adler Jr. He noted that while the current level is similar to that of mid-2024, it remains higher than the bear market bottoms of 2018 and 2022. Adler identified a Puell Multiple of 0.5 as the key baseline for miner capitulation, which coincided with large-scale miner shutdowns during the 2022 bear market. He described the current market as being in a phase of moderate pressure. Adler suggested that if the price of BTC falls below $55,000, the Puell Multiple could approach 0.50. Conversely, a move above $70,000 could alleviate pressure on miners and potentially reset the cycle's structure.