3 key metrics show that Bitcoin miners are under increasing pressure

The latest data suggests that the pressure is gradually building rather than triggering the widespread lockdowns seen during previous bear markets.

Bitcoin miners are facing increasing financial pressure as falling prices and shrinking revenues push many key industry indicators into what analyst Axel Adler Jr. described as a “stress zone.”

But while pressures are mounting, data suggests that the market has not yet reached the extreme levels of collapse seen in 2018 or 2022.

What do the metrics say?

According to Adler, the 30-day Puell Multiple moving average, which compares BTC miners’ current daily revenue to a 365-day average, He falls 11% in ten days, moving from 0.83 at the end of May to 0.74 on June 10.

The raw Puell multiple is even lower, at 0.58. Values ​​below 1.0, according to the analyst, mean that current revenues are below the annual benchmark, and the deeper this reading goes, the more difficult things become for mining operators.

For context, the Puell 30DMA peaked at 1.33 in July 2025 when BTC was trading above $120,000. The current 0.74 figure puts miners roughly where they were in mid-2024, roughly in the halving period when the flagship cryptocurrency was changing hands between $55,000 and $68,000.

At the low of the 2022 cycle, Adler says the index itself fell to 0.45, while in December 2018 it reached 0.33. So, judging by these numbers, 0.74 is not exactly a crisis number.

But the problem, as the market watcher pointed out, is that the 30DMA has been falling for two weeks in a row, and at this pace it could reach 0.50 by late June, a level that triggers equipment shutdowns en masse in 2022.

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The second metric is the miner’s price-to-revenue multiple, which measures how much a cryptocurrency’s trading price exceeds the annual revenue per bitcoin of miners.

According to Adler, the lower reading means that the speculative premium on miners’ production costs is shrinking. The ratio currently stands at 80, having fallen from a high of 160 recorded in 2025.

However, the analyst says that this is a “normalization zone” and has not yet reached the depreciation zone. For comparison, the 2022 low saw it reach 33 points, while it pressed up to 15 points in February 2019.

Finally, Adler touched on the miner surrender metric, which tracks the percentage change in Bitcoin’s price since the last difficulty bottom. According to his report, this decline was at -21% as of June 9, while it was at -8 on June 1 and near zero at the end of May.

Historically, deeper distress has emerged in the mining sector when contractions exceed -30%, with the worst reading on record arriving in 2022 when it reached -39 and contributing to the forced selling and widespread ASIC shutdowns seen that year.

How far is it from the real bottom?

Despite the pressure, Adler stressed that miners have not completely given up yet, and for that to happen, the Puell multiplier will likely need to fall below 0.50, the price-to-miner revenue multiple will need to pressure towards the 30-40 range, and the decline from the bottom of the difficulty will need to be more than -30%.

Currently, all three measures are operating at half the intensity of those historical extremes. But the analyst said it could deteriorate further if Bitcoin drops below $55,000 without a new downward difficulty adjustment.

The asset is trading at just under $63,000 at the time of writing recoil Gold came back from a brief decline towards $59,000 last Friday, which was its worst performance in nearly two years.