Bitcoin Miners' Financial Health Drops to Bear Market Levels, Survival Pressure Intensifies

Bitcoin miners are facing severe operational pressures, with their financial health metrics dropping to historically high-stress levels typical of bear markets. The miners' financial health ratio (7-day average) is currently fluctuating between 10% and 30%, reflecting significant pressure on the profitability of mining companies. This metric usually exhibits similar low levels during peak bear market periods. Analysts believe that factors such as the halving of block rewards, increased mining difficulty, and insufficient transaction fee income may lead some mining companies to face greater cash flow pressures. With intensified market competition, high-cost miners may be forced to shut down equipment, sell BTC reserves, or seek financing, and changes in miner behavior could impact the supply of Bitcoin in the market.