Bitcoin Miners Bracing for Tough Times as Industry Indicators Enter Stress Zone

Bitcoin miners are under mounting pressure due to falling prices and shrinking revenue, causing several key industry indicators to enter what analyst Axel Adler Jr. has described as a 'stress zone'. The latest data suggests that while the market is facing growing financial strain, it has not yet reached the collapse-level extremes seen in 2018 or 2022.

The Puell Multiple 30-day moving average, which compares current daily revenue to a 365-day average, fell 11% in ten days, dropping from 0.83 at the end of May to 0.74 as of June 10. The raw Puell Multiple is even lower at 0.58, indicating that current revenue is below the annual norm.

The Price-to-Miner-Revenue Multiple, which measures how far above miner production costs the cryptocurrency's price is trading, has tumbled from a high of 160 in 2025 to 80 currently. However, Adler notes that this is still within what he calls a 'normalization zone', and not yet undervaluation territory.