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Analyst: The three key indicators of Bitcoin miner economics all point to increasing pressure

MeNews
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ME News Report, June 11 (UTC+8), CryptoQuant analyst Axel Adler Jr. stated that the economic pressure on Bitcoin miners is intensifying. The Puell multiple 30-day moving average has fallen to 0.74, with miner daily revenue below the annual average, declining 11% over ten days. This value is comparable to the Bitcoin price range of $55,000-$68k around the July-August 2024 halving, but significantly higher than the bottom levels of 0.45 at the end of 2022 and 0.33 at the end of 2018. If the current decline rate continues, the 0.50 threshold (the level of large-scale miner shutdowns in 2022) may be reached by the end of June. The price-to-miner revenue multiple has fallen from a peak of 160 to 80, indicating that Bitcoin's valuation premium relative to miners' annual income is shrinking, but it is far from undervalued territory (the bottom was 33 at the end of 2022 and 15 in February 2019). Miner capitulation indicators show that the current price has dropped 21% from the last difficulty bottom, entering a pressure zone, but still about half of the extreme -39% seen in 2022. All three indicators show increasing miner stress, but have not yet reached capitulation levels seen at the cycle bottoms of 2018 and 2022. (Source: PANews)
BTC3.82%
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