Put options are generally related to the fall of value of the underlying. Because traditionally a put option would allow you to sell (PUT) the underlying at the pre-agreed strike price, they would be exercised when the value of the underlying was low.
There may be some difficulty to understand the idea of a put option when the underlying is non-tradable - like a block difficulty. You cannot buy or sell a block difficulty but you can still track whether it is falling or rising. If we define a put option on block difficulty then we expect that it is when it is below the strike level.