Bitcoin Miner Earnings Hit Two-Month Low, Yet No Signs of Forced Selling
Finance/Markets

Bitcoin Miner Earnings Hit Two-Month Low, Yet No Signs of Forced Selling

Despite a dip in earnings for Bitcoin miners, there is no indication of them selling their assets, according to CryptoQuant.

Key Takeaways

  • Bitcoin miner revenues have plummeted to their lowest in two months, with daily earnings reduced to $34 million.
  • Although profit margins are decreasing, there’s no indication of enforced selling, as miner wallet outflows continue to be low.
  • Miner reserves are growing, indicating a long-term strategy amidst the current low-value environment.

Bitcoin miner revenues have dropped to their lowest since April, with daily figures recorded at only $34 million as of June 22. This figure represents a significant dip compared to previous earnings over the last year, as noted by CryptoQuant in a recent report shared with CoinDesk.

Bitcoin Miners A rear view of the TerraMiner IV. (CoinDesk Archives)

As transaction fees plummet and Bitcoin prices hover close to local lows, the incentives for miners to keep operating have decreased. However, surprisingly, the anticipated wave of selling by miners has yet to materialize. Current data shows outflow from miner wallets has decreased from approximately 23,000 BTC per day in February to around 6,000 BTC at present, with no significant spikes in transfers to exchanges.

Moreover, miners who were active during the early days of Bitcoin, often referred to as Satoshi-era miners, have sold only 150 BTC so far in 2025, a stark contrast to the nearly 10,000 BTC sold in 2024.

Despite the downturn, analytics indicate that miners are increasing their reserves. Addresses with between 100 and 1,000 BTC have collectively added 4,000 BTC since March, bringing their holdings to the highest levels seen since November 2024.

The overarching trend suggests that miners are preparing for a future uptick in profit or prefer to endure cash burn rather than sell at the current rates. CryptoQuant has concluded that there is essentially no selling pressure from miners at the present price levels.

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