Bitcoin Miner Profits Fall to 2-Month Low, But Selling Pressure Still Lacks: CryptoQuant

Bitcoin

BTC miner revenue of $106,976.04 fell to its lowest in two months, but there are still no signs of forced selling despite falling profitability.

Daily mining revenue fell to $34 million on June 22, the lowest since April and one of the lowest in the past year, according to CryptoQuant's weekly report provided to CoinDesk.

The decline comes as transaction fees fall and the Bitcoin price fluctuates near local lows, reducing incentives for miners to stay online.

(Cryptoquantum)

Since June 16, the hash rate has fallen by 3.5%, the largest drop in network computing power since July 2024. While the decline is modest, it reflects mounting pressure on miners, who are already facing tighter margins following the halving.

However, the expected wave of miner capitulation has not materialized. The outflow of funds from miner wallets has remained muted, decreasing from 23,000 BTC per day in February to around 6,000 BTC currently — without any sharp spikes in exchange transfers.

Even wallets associated with Satoshi-era miners, which often serve as an indicator of long-term sentiment, were virtually unchanged, with just 150 BTC sold in 2025, compared to nearly 10,000 BTC sold in 2024.

Satoshi-era miners are network participants who mined their coins in the earliest days of the Bitcoin network, typically between 2009 and 2011, when Satoshi Nakamoto, the pseudonymous creator of Bitcoin, was still active on online forums.

At the same time, the data shows that miners’ holdings are growing. Addresses holding between 100 and 1,000 BTC — typically run by mid-sized mining companies — have added 4,000 BTC since March, pushing balances to their highest since November 2024.

The bottom line is that mining companies are taking a long-term view, either waiting for a recovery or choosing not to sell at current prices and instead continue to accumulate assets.

“This further highlights the lack of selling pressure from miners at current price levels,” CryptoQuant concluded.

Source: cryptonews.net