Bitcoin Mining Shows Strength, Flexibility Despite Heavy Volatility In November
The post Bitcoin Mining Shows Strength, Flexibility Despite Heavy Volatility In November appeared on BitcoinEthereumNews.com.
Key Insights Puell Multiple Offers Bitcoin mining health snapshot at maximum pain point this month. Miner reserves dropped to 12-month lows earlier this week but have shown signs of recovery. Key details behind miner resilience, including profitability despite the Bitcoin price dip and hash rate performance. One of the best ways to assess the health of the Bitcoin mining industry is to look at its Puell Multiple. It’s an indicator that looks into Bitcoin miner profitability to establish or assess supply conditions. The Bitcoin mining Puell Multiple dipped as low as 0.67 on 25 November, which marked its lowest level in the last 12 months. The last previous time that it retested similar levels was in September 2024. Bitcoin Puell Multiple/ Source: Coinglass The Bitcoin Mining Puell Multiple has since bounced back to 0.91. Historically, when the indicator drops below 0.5 it signifies heavy financial pressure for Bitcoin miners and lower mining revenues than usual. Consequently, miners who can’t break even are forced to exit, and this may ease sell pressure. When the indicator is between 0.5 and 1, it indicates that mining is sustainable, but prices may be in undervalued territory. Values between 1 and 3 highlight healthy market conditions and higher profitability. Bitcoin miners might be incentivized to sell if the Puell Multiple pushes above those levels. Bitcoin miner reserves also clocked a 12-month low in November Why Bitcoin Mining Reserves Fell Along with the BTC Price While the Puell Multiple suggests that miners may be incentivized to accumulate, the Bitcoin miner reserves painted a different picture. Bitcoin mining reserves maintained an overall downtrend in the last 12 months, highlighting a positive correlation with declining Bitcoin prices. Figure 1 Bitcoin Miner reserves/ source: CryptoQuant The declining miner reserves suggest that this cohort of holders was offloading their coins,…
Filed under: News - @ November 30, 2025 12:22 pm