Bitcoin Mining Profitability Plummets to New Lows in 2026

The 'Miner Cycle Stress Composite Index', a key indicator of bitcoin mining profitability, has plummeted to new lows in 2026. This composite index combines two indicators: the Puell Multiple and an inverted reading of the Miner Capitulation Index.

Gaa Im, an onchain analyst, notes that periods when both indicators fall together are close to bitcoin's cyclical lows. He cites 2015, 2018, 2020, 2022, and 2024 as examples where miner revenue and selling pressure worsened before a sharp sell-off in the price of bitcoin.

The indicator has only reached zero once before, in 2015, when bitcoin's price plummeted by about 50% in just under a week. The current decline coincides with bitcoin's recent price path, which has been in a downtrend since its all-time high of around $126,000 in October 2025.

Gaa Im views the 'phase of simultaneous deterioration' as a stronger signal than either indicator alone. However, he notes that this does not guarantee an immediate rebound and that the market will be watching miners' selling pressure and profitability recovery closely, along with bitcoin's price trend.