Bitcoin miners encountered a challenging environment in 2025, with rising costs squeezing profitability metrics like MEI and Puell Multiple. The question on everyone’s mind is whether this could lead to a potential slide in the price of Bitcoin towards $108,000.
Despite Bitcoin’s impressive price surge to $124,457 in August 2025, miners found it increasingly difficult to break even, sparking concerns about the sustainability of their operations. The disconnect between the soaring price of Bitcoin and the shrinking margins of miners reignited the debate on mining profitability.
According to Joao Wedson, the founder of Alphractal, the mining sector experienced instability throughout the year, even as Bitcoin remained at elevated levels compared to previous cycles in 2017 and 2021. The relentless price surge placed significant pressure on mining companies, pushing their expenses to extreme levels.
The Mining Equilibrium Index (MEI) remained within neutral to bullish territory, currently standing near 1.06. While this is below its historical average of 2.5, it is still above the stress line of 0.5. A MEI above 0.5 suggests that mining companies can fund their operations without resorting to selling their Bitcoin holdings, while a move above 1.0 indicates significant profit margins.
Despite the rising costs and competition, miners have not capitulated yet. The Miner Selling Power remained negative in 2025, indicating limited selling activity. Miners have been strategic in their sales, holding back from sending large volumes of Bitcoin to exchanges to cover their operational costs, thereby reducing immediate downside pressure on the market.
The Puell Multiple, which sat around 1.1, indicated that miner revenue was 10% above the 365-day average. This healthy mining environment allowed miners to sustain their operations without being under significant financial stress, enabling them to plan strategic asset sales instead of panic selling.
Bitcoin miners holding onto their BTC reserves and showing minimal selling activity despite rising operational costs have contributed to the relative strength of Bitcoin over the past month. As long as miners remain profitable, widespread capitulation is unlikely. However, if operational stress intensifies, forced selling could drive Bitcoin down towards $108,000, although the current range is expected to be between $110,000 to $112,000.
In conclusion, the dynamics of Bitcoin mining in 2025 have highlighted the delicate balance between rising costs and profitability. Miners’ strategic approach to managing their operations and assets will play a crucial role in determining the future trajectory of Bitcoin’s price. The Rise of Sustainable Fashion: A Shift Towards Ethical Practices
In recent years, the fashion industry has undergone a significant transformation as consumers and brands alike have begun to prioritize sustainability and ethical practices. This shift towards sustainable fashion is not only a response to the environmental and social impact of the industry, but also a reflection of changing consumer values and attitudes towards consumption.
One of the key drivers behind the rise of sustainable fashion is the growing awareness of the environmental impact of the industry. The fashion industry is one of the largest polluters in the world, with the production of clothing contributing to water pollution, deforestation, and greenhouse gas emissions. In response to this, many brands have started to adopt more sustainable practices, such as using organic and recycled materials, reducing waste in production, and implementing eco-friendly manufacturing processes.
In addition to environmental concerns, the fashion industry has also come under scrutiny for its labor practices and treatment of workers. The rise of fast fashion, characterized by cheap and disposable clothing produced at a rapid pace, has been linked to exploitative labor practices in factories around the world. Consumers are increasingly demanding transparency and accountability from brands, leading to a greater emphasis on fair labor practices and supply chain transparency in the industry.
As a result of these changing consumer preferences, many brands are now incorporating sustainability and ethical practices into their business models. This includes everything from sourcing materials responsibly to ensuring fair wages and safe working conditions for workers. In addition, some brands are also embracing circular fashion concepts, such as rental and resale programs, to extend the life cycle of their products and reduce waste.
The rise of sustainable fashion has also given rise to a new wave of innovative designers and brands who are redefining what it means to be fashionable. These designers are using sustainable materials, ethical production methods, and inclusive design practices to create clothing that is both stylish and environmentally conscious. They are challenging the traditional fashion industry norms and proving that sustainability and style can go hand in hand.
Overall, the rise of sustainable fashion represents a significant shift in the industry towards more ethical and environmentally friendly practices. As consumers become increasingly conscious of the impact of their purchasing decisions, brands are being forced to adapt and change their practices to meet these new demands. By embracing sustainability and ethical practices, the fashion industry has the potential to not only reduce its environmental footprint but also create a more equitable and inclusive industry for all.