Bitcoin miners are facing challenging times as their revenues have plunged to the lowest levels in two months. According to a weekly report from CryptoQuant shared with CoinDesk, daily mining revenue slumped to $34 million on June 22. This marks the weakest point since April and one of the lowest figures over the past year. Despite this financial squeeze, miners seem to be holding their ground, with no signs of forced selling—a move that could have significant implications for the broader cryptocurrency market.
Declining Revenues and Hashrate Adjustments
The sharp dip in miner revenue is attributed to a combination of declining transaction fees and Bitcoin’s recent price stagnation around local lows. This financial downturn has, unsurprisingly, put a squeeze on miners’ profitability, prompting a 3.5% decline in hashrate since June 16. It’s the most significant reduction in network computing power since July 2024. While the decline might seem modest, it underscores the mounting pressure on miners who are already grappling with tighter margins following the halving event earlier this year. As explored in our recent coverage of Bitcoin Miners Face More Trouble as Transaction Fee Share Hits 3-Year Low, the reduction in transaction fees has been a critical factor in the current revenue slump.
Interestingly, the anticipated wave of miner capitulation has yet to crash onto the shores of the crypto market. Outflows from miner wallets, a key indicator of potential selling pressure, have remained subdued. They’ve decreased from a substantial 23,000 BTC per day in February to a more manageable 6,000 BTC currently, with no notable spikes in exchange transfers. This suggests that miners are opting to hold onto their Bitcoin, potentially waiting for more favorable market conditions.
Satoshi-Era Miners and Growing Reserves
Even the so-called Satoshi-era miners—those who mined Bitcoin during the nascent days of the network, between 2009 and 2011—are seemingly taking a cautious approach. These long-term holders are often seen as barometers for market sentiment. Yet, they’ve barely shifted their positions in 2025, selling just 150 BTC compared to a hefty 10,000 BTC in 2024. It appears they’re betting on Bitcoin’s future potential rather than cashing out at present valuations.
In a further twist, data indicates that miner reserves are actually on the rise. Addresses holding between 100 and 1,000 BTC—typically managed by mid-sized mining operations—have accumulated an additional 4,000 BTC since March. This accumulation has driven their balances to the highest levels seen since November 2024. Such strategic hoarding points to a long-term view, either in anticipation of a market rebound or as a strategic decision to weather the current storm without resorting to asset liquidation.
A Market in Transition
As miners brace themselves against the headwinds of reduced revenue, the broader implications for the Bitcoin market remain unclear. While the lack of selling pressure from miners could be seen as a bullish signal, it also raises questions about how long they can sustain operations without a significant recovery in Bitcoin’s price or a spike in transaction fees. This situation is compounded by the fact that Bitcoin Demand is Drying Up, What Does This Mean?, which could further impact miners’ strategies and the market’s future trajectory.
“This further suggests there’s no selling pressure coming from miners at these price levels,” concluded CryptoQuant in their report. However, as the market continues to evolve, the resilience of miners and their ability to adapt will be crucial in determining Bitcoin’s trajectory in the coming months.
In the ever-volatile world of cryptocurrency, the current scenario presents a fascinating conundrum: miners are holding their line, but the clock is ticking. Will their patience pay off, or are they risking too much by betting against the tide? The next few months could offer some answers—or perhaps, even more questions.
Source
This article is based on: Bitcoin Miner Revenue Drops to 2-Month Low, but Selling Pressure Remains Absent: CryptoQuant
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
