Puell Multiple drops as miner revenues hit 10-month low
Summary
Bitcoin miner revenues, a key indicator of the Bitcoin ecosystem's health, have been below their annual average since late April, reaching a low in early August. This decline is linked to Bitcoin's price drops and the increasing difficulty of mining it. A structural change from the April halving significantly reduced block rewards, further tightening profit margins. The recent drop in the Puell Multiple could provide insights into the future of Bitcoin mining and potential buying opportunities.
