Bitcoin Miner Stress Hits 20-Year Low as One-Fifth of Miners Report Losses

Bitcoin miner stress has reached a historically low level, according to the latest reading of the Miner Cycle Stress Composite. This metric blends several indicators, including profitability and revenue gauges, into a single measure of how much pressure the network's block producers are under.

The composite has fallen to a new 2026 low and entered its 'undervalued' range, similar synchronized declines previously appearing near major Bitcoin bottoms in 2015, 2018, and 2020. Prominent crypto analyst Wu Blockchain noted that such declines have historically clustered near cycle lows rather than tops.

One in five miners is operating at a loss, with JPMorgan analysts estimating that bitcoin has traded below its average production cost of $78,000 for five consecutive months. The network's mining difficulty was cut 10.09% to 124.93 trillion in the latest major adjustment, the second-largest downward move of 2026.