Overview

• Mining Equilibrium Index sits near 1.06, above the 0.5 stress line yet far below past bull-cycle highs near 2.5, signaling thinner cushions.
• Puell Multiple hovers around 1.1, indicating daily revenue roughly 10% above its 365-day average and not pointing to acute distress.
• CryptoQuant’s Miner Selling Power is deeply negative at about -5.57, suggesting limited miner flows to exchanges and restrained selling.
• Profitability remains tight despite a strong BTC year that included an August peak near $124,457 and a recent level around $110,700, as rising costs, higher difficulty and subdued fees weigh on margins.
• Analysts warn that worsening conditions could push miners to draw on reserves, consolidate or reduce hash rate, though the sector is currently described as stable.