A composite indicator showing revenue stress among bitcoin mining firms fell to a new low in 2026 and entered an undervalued zone.

CoinPost, a blockchain media outlet, reported on Sunday that onchain analyst Gaa Im said the indicator has dropped to a range that in past measures aligned with cyclical turning points in bitcoin’s price.

The indicator in question is the “Miner Cycle Stress Composite Index”. It is calculated by combining the Puell Multiple, which shows how miners’ daily revenue compares with the past year’s average, with an inverted reading of the Miner Capitulation Index, which reflects miners’ selling pressure. Gaa Im explained that the two indicators reflect different cost structures and cash-flow assumptions, and that a phase in which both fall at the same time could be a stronger signal than a single indicator.

He said the latest decline goes beyond a simple deterioration in profitability. He said periods when miner revenue and selling pressure both worsen have been close to bitcoin’s cyclical lows. He cited 2015, 2018, 2020, 2022 and 2024 as examples, and said all were close to the timing of bitcoin bottoms.

He said the indicator has reached the zero level only once in bitcoin’s history, in 2015. At the time, bitcoin’s price plunged about 50% in less than a week, from around $300 to around $160. Gaa Im noted that a similar move has been confirmed again in 2026.

The indicator’s deterioration also overlaps with bitcoin’s recent price path. Bitcoin has remained in a downtrend since its all-time high of about $126,000 in October 2025, and briefly slid into the $58,000 range in late June 2026. That is a low not seen in about 21 months. Since miner revenue is typically directly affected by price declines, the composite indicator’s drop is read as appearing along the same track as this market weakness.

Some in the market view miner-related indicators as leading health gauges compared with short-term prices. In this case, the key point is that miners’ cash flow and selling pressure are being squeezed at the same time rather than the price itself. Gaa Im viewed a “phase of simultaneous deterioration” in the two indicators as a stronger basis, and assessed that the current reading has also entered a range previously classified as “undervalued”.

Still, the indicator does not guarantee an immediate rebound. It indicates that stress signals similar to past sharp sell-offs have emerged, and that miners’ revenue conditions have worsened significantly. As a result, the market is expected to watch miners’ selling pressure and whether profitability recovers, along with bitcoin’s price trend.

NUPL is the component still not reaching the historical bottom range — historically values below 0 have signaled periods capitulation #Bitcoin However, the indicator is very close to that range while #BTC price remains at base of last bottom formed ~$60k NUPL is one more… https://t.co/jNTpZ4sVG8 pic.twitter.com/f5wd0nNjFW