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Bitcoin Miners Are Still Under Pressure, Here’s Why



The Bitcoin difficulty-adjusted puell multiple, which measures the ratio between daily miner revenue and the 365-day moving average (MA), has been below one for the entire bear market, despite the cryptocurrency’s recent significant surge in price. The metric does not take into consideration mining difficulty, which determines how hard it is for miners to mine blocks in the network. This feature decreases revenue for individual miners whenever the total computing power connected to the blockchain increases, as block rewards remain the same but individual shares become smaller. The “difficulty-adjusted puell multiple” is a modified version of the indicator that reflects miners’ situation by accounting for the mining difficulty. The metric’s value is 0.88, indicating that miners are making 12% less than the yearly average and may still be under some pressure. However, the indicator has a value of 1.2 when not adjusted for mining difficulty, implying that miners as a whole are making notably more than the yearly average. At the time of writing, Bitcoin is trading around $30,400, up 9% in the last week.



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