Bitcoin Miner Profitability Weakens as Puell Multiple Falls to 0.74

Bitcoin miner profitability has deteriorated, with the Puell Multiple declining from 0.83 in late May to 0.74. According to NS3.AI, analyst Axel Adler Jr. said a move in BTC below $55,000 could push the metric toward 0.50. The Puell Multiple is commonly used to gauge miner revenue relative to historical norms, and the latest reading indicates weaker conditions for miners compared with late May. Adler’s comment suggests further downside in the indicator could follow if Bitcoin trades below the $55,000 level.