Here’s the current situation (as of Dec 2025) for Bitcoin miners and their profitability — based on real on-chain & market data and industry reports:
📊 Current Bitcoin Market Snapshot
BTC ~ $90 k — price movements directly influence miners’ USD revenue (block rewards * BTC price). Higher price = higher revenue; lower price = tighter margins.
🔥 Miner Profitability & Puell Multiple
Puell Mu
ltiple Status
Recent data indicates:
The Puell Multiple has dropped to ~0.67, which is below average miner revenue, but above the deep capitulation zone (0.50).
Interpretation
< 1 → Miners’ daily revenue is below their 365-day average → selling pressure tends to ease.
> 4 → historically signals overheating and miner profit frenzies (not the case now).
🎯 Conclusion: Miner revenue is not currently at extreme highs — miners aren't earning huge windfall profits compared to the last year.
🧩 Profitability in USD Terms
What Reports are Showing
Mining remains generally profitable for efficient, large miners with low electricity costs and modern ASIC hardware — but margins are compressed.
Some data show miner gross profit margin still positive (e.g., ~12–30%) for efficient operations.
Older rigs and miners with higher energy costs are struggling more and may run near breakeven or loss.
Factors Pressuring Profits
✔ higher network difficulty (more competition)
✔ halved block reward (from 6.25 to 3.125 BTC)
✔ rising electricity costs in key regions
✔ compressed hashprice (revenue per unit of hash power)
All these make mining challenging but still viable for the most efficient operators.
⚡ Why Some Miners Are Shifting Strategy
Industry news shows:
Some major miners are pivoting part of their capacity to AI & data center work because mining profits are less predictable and energy competition is high.
This doesn’t mean all miners are unprofitable — but it highlights pressure on margins and a search for higher-return workloads.
📌 Quick Summary
IndicatorCurrent StatusWhat it SuggestsPuell Multiple~0.67Revenue below yearly avg → reduced miner selling pressure Miner ProfitsModerate but compressedMany efficient miners still profitable; old/expensive ones struggle Energy CostsStill a major cost factorCan make break-even harder for some miners Industry TrendSome pivoting to AI/data centersRevenue diversification due to mining profitability pressure
🧠 What This Means for Miner Selling Pressure
✔ Puell Multiple below 1 suggests less structural selling pressure from miners relative to last year.
✔ Miner profits aren’t so high that they’re dumping for maximal revenue like during market tops.
✔ Miners with high costs may still need to sell BTC to cover expenses, but overall stress on the network is not extreme capitulation yet.
If you want, I can also show a historical Puell Multiple chart to compare current levels with past miner bottoms and tops — useful for seeing where miner revenue stands in context.
