Bitcoin Miner Revenue Weakens as Key Ratios Diverge

Show Notes

This episode takes a look at Bitcoin as multiple valuation signals begin to diverge. Matthew opens at the winter solstice with a focus on miner revenue, which has rolled over from roughly 50 million dollars per day in October to closer to 40 million or less. Using the price to sales ratio, he explains why this metric has historically marked transitions between bull and bear phases. In past cycles, when this ratio fell back toward trend after extended excess, Bitcoin often entered long consolidation or deeper drawdowns. Matthew compares the current setup to prior cycles in 2017 and 2021. Unlike the clean blow off tops of earlier eras, this cycle has been choppy, with repeated revenue spikes followed by lower highs. That makes interpretation harder. He emphasizes that returning to the PSR trend line from above is not inherently bearish, but rolling below it for sustained periods has historically preceded deeper weakness. Despite softness in miner revenue, Matthew highlights a striking contrast. Bitcoin remains historically cheap when priced against gold, silver, and equities. Relative valuation metrics suggest extreme discounts even as dollar based indicators look fragile. He frames this tension as a market at a crossroads rather than a clear signal. Porkopolis Economics - Episode 319 Chapters: 00:00:00 - Intro 00:01:03 - Bitcoin Price Action and Miner Revenue Update 00:09:14 - Revenue Cycles and Market Trend Analysis 00:13:25 - Bitcoin Mining Revenue Cycles and Price Patterns 00:18:39 - Bitcoin's Critical Months Ahead: Price Trend Analysis 00:27:35 - Bitcoin's Valuation Metrics Look Cheap 00:34:49 - Bitcoin at Historic Lows Against Equities 00:39:36 - Bitcoin's Price Metrics and Gold Comparison 00:45:43 - Bitcoin Scarcity vs Market Demand 00:48:27 - Gold Mining Revenue vs Bitcoin's Fixed Supply 00:55:14 - Bitcoin's Path to Gold's Market Scale Show Sponsor: Debifi - https://debifi.com/ Donations to Porkopolis Economics via BTCPay are appreciated: https://donations.porkopolis.io/ Porkopolis Economics covers macroeconomics, money, geopolitics and sports from the creator of the Crypto Voices podcast, Matthew Mezinskis. Data-driven. Scale matters. Smaller, decentralized states means more opportunity for liberty than larger ones. Host: Matthew Mezinskis https://porkopolis.io https://x.com/1basemoney Show content is not investment or financial advice in any way. 🎙️ New to streaming or looking to level up? Check out StreamYard and get $10 discount! 😍 https://streamyard.com/pal/d/6266922845601792