Overview

• Network difficulty set a new peak around 134–135 trillion as hashrate slipped from August’s high to about 967 billion H/s, tightening miners’ economics.
• The Mining Equilibrium Index sits near 1.06 and the Puell Multiple around 1.1, indicating revenue modestly above trend but far below prior-cycle highs.
• CryptoQuant’s Miner Selling Power remained negative in 2025, signaling muted BTC transfers from miners to exchanges.
• Analysts caution that persistent cost pressure could push some operators to tap or offload reserves, which may add downward price pressure.
• Rising electricity and hardware costs are favoring industrial-scale miners and pools, though rare solo block wins still occur through services like Solo CK.