Miners are still holding onto Bitcoin despite revenue bottoming out: CryptoQuant

Although Bitcoin is struggling to surpass the historical high of 112,000 USD, those facing even greater difficulties are the miners. Recently, they have recorded one of the lowest income periods in the history of their operations.

On-chain data from the analysis platform CryptoQuant, including the (Miner Profit/Loss Sustainability: The sustainability of miners' profit/loss) index, shows that miners' revenue has significantly decreased. However, this has not led to a panic sell-off from their side.

Miner revenue plummets

According to the report, miners are currently receiving the lowest rewards in the past year. Specifically, on June 22, daily revenue dropped to 34 million USD — the lowest in two months — due to reduced transaction fees and the continued decline in Bitcoin prices. CryptoQuant stated that this figure is the lowest since April 20.

Along with the decline in revenue, the hashrate of the Bitcoin network has also decreased slightly. Since June 16, this index has dropped by 3.5%. Although this is just a minor adjustment according to CryptoQuant, it remains the largest decline since July 2024 — the time when the network witnessed a hashrate drop of 8.4% as a result of the halving event, when the block reward was cut from 6.25 BTC to 3.125 BTC.

Despite the decline in revenue, the amount of BTC that miners transfer to exchanges remains low, indicating that selling pressure is negligible. The amount of BTC transferred from miners' wallets to exchanges has sharply decreased from a peak of 23,000 BTC/day in February to around 6,000 BTC at the current time. CryptoQuant notes that miners still maintain an unrealized profit margin of 48%, enough for them not to need to sell.

Positive signs: Miners continue to accumulate

Notably, since February, there has not been a single day recording large amounts of funds flowing into the exchange from miners. Instead, some large miners are increasing their reserves.

Specifically, the mining wallet group holding between 100 and 1,000 BTC has increased its Bitcoin holdings from 61,000 BTC on March 31 to 65,000 BTC currently — the highest level since November 2024. At that time, their reserves had fallen below 71,000 BTC after the price of BTC first exceeded the 100,000 USD mark. The increase in reserves reinforces the belief that there is no selling pressure from miners at the current price level.

In addition, the mining group from the Satoshi era has only sold about 150 BTC since the beginning of the year, compared to nearly 10,000 BTC last year. This group usually only sells when the market peaks, so their continued inactivity suggests that the price of BTC still has a lot of room for growth.

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