Overview
- An analyst-built Miner Cycle Stress Composite has fallen into historically rare undervaluation territory, signaling acute revenue pressure rather than a confirmed market bottom.
- USD hashprice sits in the low-$30s per PH/s/day, a level that cuts miner income by reducing the dollar value of block rewards and fees for each unit of compute power.
- Two recent downward difficulty adjustments have not yet returned difficulty to normal levels, so many miners still face uneconomic running costs and may curtail or shut machines.
- Profitability now differs sharply by fleet efficiency: modern low-J/TH machines can keep running while older, less efficient rigs face forced coin sales, shutdowns, or sales of assets.
- Key signals that will decide whether this becomes a bottom or a deeper shakeout include a sustained hashprice recovery, further difficulty declines, hashrate stabilization, and the extent of public-miner selling; prior cycles show miner pain often appears near turning points.