Bitcoin miners are operating under heavy pressure, according to CryptoQuant analyst Darkfost, who said on X that a key financial condition metric has slipped back to levels usually seen during the most stressful phases of past bear markets. Based on miner issuance revenue, block time, transaction fees and total revenue, the 7-day average of the miners’ financial health ratio is now fluctuating between 10% and 30%.
The reading points to clear strain on mining profitability. Darkfost said similar low levels for the metric have generally appeared near peak periods of bear-market stress. The update comes as miners continue to deal with a post-halving environment, rising mining difficulty and weak fee income.
The report added that some mining firms may face greater cash flow pressure under those conditions. As competition intensifies, higher-cost miners could be pushed to shut down machines, sell BTC reserves, or seek financing. Changes in miner behavior may also become an important factor affecting Bitcoin supply in the market.
Bitcoin miners are facing severe operating pressure, CryptoQuant analyst Darkfost said on X, adding that a key measure of miners’ financial condition has dropped to levels associated with historically high-stress phases of bear markets.
Using miner issuance revenue, block time, transaction fees and overall revenue as inputs, the 7-day average of the miners’ financial health ratio is now fluctuating between 10% and 30%, according to the post. The range suggests mining profitability is under clear pressure. Darkfost said the indicator has previously shown similar lows around peak bear-market stress periods.
The update also said some mining firms may be exposed to greater cash flow strain as block rewards decline after the halving, mining difficulty keeps rising and fee income remains insufficient. With competition getting tougher, higher-cost miners could be forced to shut down equipment, sell BTC reserves or seek financing. Shifts in miner behavior may also become an important factor affecting Bitcoin supply in the market.
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