Miners spend real money on energy and hardware, so their income and behaviour give clues about whether the price covers the cost of producing a coin.
Hash rate and difficulty
Hash rate is the computing power securing the network. Difficulty resets every 2,016 blocks to keep blocks about ten minutes apart. If miners switch off, difficulty falls two weeks later and the survivors earn more.
Two ways to see stress
Hash Ribbons compare the 30-day and 60-day average of hash rate. When the short average falls below the long one, some miners have given up: that's capitulation. When it crosses back up, the worst has often passed.
The Puell Multiple divides the dollar value of coins mined today by its 365-day average. Very low readings mean miners earn little compared with the past year, which has lined up with cycle lows; very high readings mean they're earning unusually well and tend to sell more.
Why this matters less each halving
Each halving cuts new supply in half, while exchange-traded funds and long-term holders now move far larger amounts than miners sell. Miner stress is still a useful signal about the health of the network, but it no longer sets the price the way it did a decade ago.