Bitcoin Mining Stress Hits Rare Low as Hashprice Falls

Bitcoin mining stress indicators have reached historically rare levels, sparking talk of a market bottom. The Bitcoin Miner Cycle Stress Composite, which combines the Puell Multiple and an inverted miner capitulation index, hit a new low for 2026 on July 6.

Analyst Gaah noted that this indicator has rarely appeared in the past, and it is closer to an alarm showing how much mining profitability pressure has increased than a signal confirming a bottom.

The key factor determining the real burden on miners is hashprice, which reflects revenue expected from 1 petahash per second (PH/s) of bitcoin mining performance over a day. Hashrate Index estimated that as of June 1, the weekly dollar-based hashprice fell 9.0 percent to $32.56 per PH/s per day.

Even at the same bitcoin price, the gap among miners is widening sharply, with high-efficiency equipment groups generating about $81 in computing revenue per megawatt-hour (MWh), while operators burdened with older equipment and high hosting costs may face mounting pressure to shut down.