Despite the fact that the price of Bitcoin has more than doubled compared to the cost of its production, miners are in no rush to sell off their assets, CryptoQuant CEO Ki Young Ju emphasized, citing Marathon Digital (MARA) as an example.
The company is currently mining Bitcoin at a price of around $51,700 per coin, while BTC is trading above $105,000. Despite the significant margins, on-chain data shows that miners are generally choosing to hold on to their assets rather than sell them.
A closer look at MARA’s operating costs reveals what Ju means. In Q1 2025, the company will spend an average of $51,726 to produce one BTC. This figure was calculated based on the operating hashrate, not the theoretical maximum power.
At the same time, the market price of Bitcoin continues to fluctuate well above the $100,000 mark. This is almost double the profit, and yet the selling pressure remains very weak.
MARA is mining #Bitcoin at around $51k with almost 2x profit, but they and most miners are barely selling. pic.twitter.com/XJ2KIF4z3v
— Ki Young Ju (@ki_young_ju) July 2, 2025
Miners are in no rush to liquidate, even as revenue from fees and block rewards fell to multi-year lows in June. It doesn’t take Sherlock Holmes to figure out that they are either optimistic about the long-term outlook or have good reasons to hold on to their investments.
There are several factors that could explain this phenomenon. Large miners may be expecting prices to rise in the future, using mined BTC as collateral, or simply being in a stronger financial position after the 2024 halving. The operational hash rate is also increasing, from 6.9 EH/s in early 2023 to 46.1 EH/s in 2025, indicating increased efficiency and capacity — hence reducing selling pressure.
The key takeaway: Bitcoin miners are not just sellers chasing fast price swings, as was previously the case.
In this cycle, they are acting more like long-term participants than short-term profit seekers. Mining costs remain stable and market prices continue to rise. So their confidence will only be tested if margins start to tighten again. For now, they are holding their ground.
Source: cryptonews.net
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