Bitcoin Miners Hit Hard as Transaction Fee Revenue Craters—What’s Next?

Bitcoin's backbone is cracking under pressure. Miner revenues—once buoyed by soaring transaction fees—are now in freefall. Here's why it matters.

The Fee Famine

Network activity's dropped like a bad altcoin. Miners who rode the 2024 fee surge are now staring at empty mempools and thinner wallets. No hard numbers? Classic crypto transparency.

Hash Rate Roulette

Rig operators face the ultimate dilemma: keep mining at a loss or power down? Some outfits will inevitably get rekt—survival of the most capitalized. Darwinism meets decentralized finance.

Silver Linings (If You Squint)

Low fees mean cheap on-chain transactions for degenerates—err, traders. And history says miner shakeouts often precede bullish reversals. Just ask the bagholders from last cycle.

The Bottom Line

Miners built this revolution. Now Wall Street's ASIC farms and Texas energy arbitrageurs might finish what Satoshi started. PoW's looking more like Proof of Wealth these days.

$107,394 miners have encountered their lowest revenue in two months. As of June 22, daily mining income plummeted to $34 million, marking the lowest figures since April and among the weakest levels in the past year. This downturn in miner revenue is attributed to the reduction in transaction fees and Bitcoin’s local low pricing.

ContentsCurrent State of Mining RevenuesSatoshi Era Miners’ ActivityRising Trends in Miner Reserves

Current State of Mining Revenues

Transaction fees have decreased in recent weeks, and along with Bitcoin’s low trading prices, this has further squeezed miner revenue. Data released on June 22 points towards declining profit margins for miners. Furthermore, the network’s total hashrate (computing power) has dropped by 3.5% since June 16. This decrease is one of the most significant since July 2024, adding pressure on miners whose profit margins are squeezed even tighter post-halving.

Nevertheless, an expected wave of closures or surrender from miners has not been observed. According to a report by CryptoQuant, daily outflows from miner wallets remain low. The amount of Bitcoin exiting these wallets daily has dropped from 23,000 BTC in February to around 6,000 BTC, with no notable increase in mass transfers to exchanges.

Satoshi Era Miners’ Activity

The report also highlights a lack of significant activity in the wallets of “Satoshi era miners,” who were active in the early years of the bitcoin network. Throughout 2025, only 150 BTC were sold by these miners, a decrease from about 10,000 BTC in 2024. These miners are considered indicators of long-term trends.

Satoshi era miners consist of individuals who mined Bitcoin between 2009 and 2011 and are often viewed as benchmarks for long-term trends. The low activity from these miners suggests there is no selling pressure on the market driven by miner actions.

Rising Trends in Miner Reserves

Data reveals an upward trend in miner reserves, particularly among addresses holding between 100 and 1,000 BTC, typically controlled by mid-sized miners. Since March, these addresses have added a total of four thousand BTC, reaching the highest wallet balances since November 2024.

Experts speculate that miners prefer to cover expenses with cash reserves or are holding out for a Bitcoin price recovery. Observations indicate there is currently no selling pressure at these price levels. CryptoQuant’s analysis suggests miners focus on long-term strategies rather than selling.

CryptoQuant notes, “This development highlights the absence of selling pressure from miners at current price levels.” Current data and analyses show that while Bitcoin miners face increasingly challenging profitability conditions, they have not turned to large-scale selling for liquidity. Despite the revenue decline, there has been no significant BTC sale compared to previous periods. The increase in miner reserves indicates a prioritization of long-term expectations among investors, with no immediate selling pressure noted. Miner behaviors are being closely monitored, while developments in transaction fees and Bitcoin pricing remain influential on miners.

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