Citing CoinRepublic, Bitcoin mining showed resilience in November despite heavy price volatility. The Puell Multiple, a key indicator of miner profitability, dropped to 0.67 on November 25, the lowest in 12 months, but has since recovered to 0.91. Miner reserves also hit a 12-month low, indicating increased selling activity, likely due to declining profitability and rising mining difficulty. Despite this, the Bitcoin hash rate maintained an uptrend, suggesting miners retained flexibility. The data implies Bitcoin may be in a healthy buying zone, though further downside could still occur before sell pressure becomes excessive.
Bitcoin Mining Resilience Seen Amid November Volatility
The Coin RepublicShare
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