What Do Bitcoin Miners Expect Next?
What are miners actually planning for going into the near term future?
Bitcoin miners have always been a reliable indicator of the overall sentiment within the market. By tracking their earnings and actions, we can get a sense of where the price of BTC might head next. In this article, we'll explore the latest trends in Bitcoin mining, how miners are reacting to current market conditions, and what we can learn from key indicators to gauge how Bitcoin miners are positioning themselves for the coming weeks and months.
State of Miner Earnings
One of the best ways to assess Bitcoin miner sentiment is to examine their earnings in relation to historical data. This can be done using The Puell Multiple, which measures current miner earnings against the yearly average from the previous year.
As of the latest data, the Puell Multiple is hovering around 0.8, meaning miners are earning 80% of what they were making on average over the past year. This is a marked improvement from a few weeks ago when the multiple was as low as 0.53, indicating miners were earning just over half of their previous year's average.
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