Rafforzamento dei miner Bitcoin nel 2025: rivelato da tre indicatori cruciali
Nel 2025, Bitcoin (BTC) ha registrato un notevole aumento del prezzo, toccando un massimo di $124.457 ad agosto. Tuttavia, il settore delle miniere ha affrontato instabilità, come rivelato dal fondatore di Alphractal, Joao Wedson.
despite the upward momentum, miners struggled to break even. The Miner Selling Power (log-scaled) remained negative, indicating limited selling activity by miners. This minimal selling activity has helped reduce selling pressure from miners, contributing to Bitcoin's relative strength.
The Puell Multiple, a metric that indicates a healthy mining environment, stood at 1.06 in 2025, above the 0.5 stress line but below its historical 2.5. When the Puell Multiple is 1.1, it suggests that miners are not under significant financial stress. Moreover, miners are generating enough income to sustain daily operations despite rising operational costs.
The continued price surge has created significant pressure on mining companies, pushing miners' expenditure to extreme levels. However, as long as miners remain profitable, widespread capitulation is unlikely. Miners are not selling Bitcoin due to a lack of motivation, as their revenue (Puell Multiple) is 10% above the 365-day average.
The Mining Equilibrium Index (MEI), another key metric, stood near 1.06 in 2025. When MEI is above 1.0, it signals significant profit margins for miners. Conversely, when MEI is above 0.5, it indicates that mining companies can fund operations without selling their BTC. At press time, Miner Selling Power was -5.57, suggesting continued limited selling activity by miners.
Despite the challenges, several Bitcoin mining groups have managed to maintain their operations in 2025. These include Foundry USA, AntPool, ViaBTC, F2Pool, SpiderPool, and Luxor. Foundry USA leads the pack with a 26.6% market share. These groups have expanded and optimised to remain competitive by acquiring more hash rate and lowering energy costs. They primarily operate in North America, Kazakhstan, Russia, and the Middle East, following China’s ban on Bitcoin mining in 2021.
Stablecoin demand has soared amid the U.S. economic slowdown, but details were not provided. The future of the Bitcoin mining sector remains uncertain, as operational stress could intensify, leading to forced selling and potential price drops towards $108,000. However, for now, miners are holding onto their reserves, showing resilience in the face of challenging conditions.
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