Bitcoin miners can’t hold on much longer! Analysts: the financial health ratio has plunged into a dangerous range, and the situation is bleak enough to rival the “bear market bottom.”

Bitcoin’s price has recently fallen into volatility, and the first to bear the brunt are the miners that keep the network running. According to the latest data released by crypto analyst Darkfost, the composite ratio that measures the financial health of Bitcoin miners has dropped into a dangerous range of 10% to 30%. He said bluntly that this kind of extreme financial strain has, in the past, usually only appeared at the peak of a bear market.
(Background: Are utilities grid refusing to preserve electricity and to abandon mining? Russia is considering a “cryptocurrency mining zoning ban,” with major areas such as Moscow potentially shutting down until 2032)
(Background add-on: JPMorgan Chase: Bitcoin mining network is “extremely fragile”! BTC has been below production costs for five straight months, and listed miners are dumping more than the total from last year)

The survival situation for Bitcoin (BTC) miners is rapidly worsening. On July 17, 2026 (Taipei time), crypto market analyst Darkfost posted a worrying chart on the social platform X (formerly Twitter), revealing the severe financial challenges miners are facing today.

“Miners’ days are really tough. Honestly, I didn’t think they’d be forced into this kind of situation,” Darkfost said in the post.

🥵 Times are tough for miners, honestly, I didn’t think they’d been put in such difficulty.

—💡 This chart aggregates several data points about miners such as issuance, block time, fees, and revenues, and provides a financial health ratio from them (7 DMA to smooth out the noise… pic.twitter.com/IWLU9OZ3dV

— Darkfost (@Darkfost_Coc) July 17, 2026

Financial health ratio is only left at 10-30%, pressure feels like the peak of a bear market

To quantify miners’ real situation, Darkfost proposed a custom “financial health ratio” indicator. According to his explanation, this metric is not a single viewpoint, but rather combines multiple key on-chain data points, including: block issuance, block time, network fees, and miners’ overall revenues. To reduce interference from short-term data fluctuations, the chart also specifically uses a 7-day moving average (7 DMA) for smoothing.

The results shown in the data are alarming. Darkfost pointed out that this composite financial health ratio is currently continuing to fluctuate in a low zone of 10% to 30%. This not only directly reflects the massive operational difficulties Bitcoin miners are facing right now, but he also warned: “We often see this kind of predicament at the peak of a bear market.” The implication is that the current misery is comparable to the most severe periods of past crypto winters.