Miner Stress IndexTRINITY EXCLUSIVE
EXCLUSIVE — Composite miner stress score (0–100) combining hash rate 30-day momentum (40%), inverse Puell Multiple (40%), and inverse fee dominance (20%), each normalized by expanding percentile rank.
Trinity exclusive model
This metric is a proprietary Trinity Insights model. Its formula, inputs, weights and parameters are NOT disclosed. The page documents only the output (bounded scale, interpretation zones, historical context). Access to the score and its time series is via the REST API and the MCP server, subject to the required tier.
What is it?
The Miner Stress Index combines 3 components normalized by their historical percentile rank: (1) 30-day hash rate momentum (hash_rate / hash_rate_30d_ago - 1) — negative momentum indicates miners going offline; (2) inverse Puell Multiple (1/Puell) — the lower Puell, the less miners earn vs. average; (3) fee-related stress (1 - fee_dominance/100) — the less fees contribute to revenue, the more miners depend on subsidy. Components are weighted 40/40/20 and the result is scaled to 0-100.
How to read
Score 0-25: minimal miner stress, hash rate growing and healthy revenues. Score 25-50: moderate stress, some components under pressure. Score 50-75: high stress, hash rate declining and/or very low Puell. Score 75-100: active capitulation. A score sustained above 50 indicates significant stress conditions for the mining industry.
Key zones
The observed historical range is [8, 71]. The score does not easily rise above 70 because all 3 components must be simultaneously in their extreme percentiles. Phases > 60 have historically coincided with major miner capitulations.
What to observe
The hash rate momentum component is most reactive — it indicates miner disconnections in near real-time. Puell Multiple is slower but captures structural profitability stress. Score acceleration is more informative than the absolute level.
Historical context
The most intense miner stress phases correspond to post-halvings (revenue halved) and deep bear markets (falling price). The 2024 halving created moderate stress but the industry was better prepared than in previous cycles.
Expert notes
⚠️ Trinity Exclusive Model — the weighting (hash rate momentum 40%, inverse Puell 40%, fee dominance 20%) and expanding percentile normalization (min 365 days) for each component are proprietary. Hash rate momentum is calculated over 30 days, not 7 or 14, to avoid noise from bi-weekly difficulty adjustments. Fee dominance (% of miner revenue from fees vs. subsidy) is used inverted (1 - fee_dominance/100) to capture structural stress from heavy subsidy dependence.
Common mistakes to avoid
The score measures aggregate miner stress, not specific miner capitulation. A high score does not imply all miners are suffering — efficient miners may be profitable even in high-stress phases. The score does not predict future price.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/miner-stress-index/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "miner-stress-index",
"timeframe": "1y"
}Required tier: performance. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.