Bitcoin Miner Revenues Plummet to Two-Month Low—But Holders Aren’t Panicking (Yet)
Bitcoin's backbone is feeling the squeeze. Miner revenues just cratered to their lowest point in 60 days—yet curiously, sell pressure remains eerily absent from the market.
The quiet before the storm? CryptoQuant data suggests miners are playing the long game, hodling through the dip like institutional bagholders during a Fed meeting. Meanwhile, traders eye the charts like Wall Street analysts pretending to understand blockchain.
One immutable truth remains: whether miners capitulate or diamond-hand, the market's about to get spicy.
The combination of these factors is leading to an environment where miners are experiencing some of the lowest compensation rates recorded in the past year. As reported in CryptoQuant’s weekly analysis, miners are currently “the most underpaid they have been in the last year.”
Bitcoin miners just saw their worst payday in a year.
Daily revenue slipped to $34 million in June, the lowest since April.
Falling fees and Bitcoin’s price drop are crushing margins. pic.twitter.com/TXdN06CU1F
Hashrate Falls, But Miner Selling Stays Low
Despite the drop in revenue, miners have not responded with increased selling. CryptoQuant reports that Bitcoin outflows from miner wallets have steadily decreased, falling from a peak of 23,000 BTC per day in February to around 6,000 BTC today.
This represents a significant reduction in selling activity, especially given the recent price volatility. Notably, the network’s hashrate has experienced a 3.5% drawdown since June 16, marking the largest decline in nearly a year.
However, this drop in computational power has not translated into heightened liquidations by miners. In addition, so-called “Satoshi-era” miners have sold only 150 BTC so far in 2025, compared to nearly 10,000 BTC in 2024.
Miner Reserves Grow Despite Lower Income
CryptoQuant analysts also note that instead of selling, miners are increasing their reserves. Addresses holding between 100 and 1,000 BTC have grown their combined holdings from 61,000 BTC on March 31 to 65,000 BTC as of late June. This is the highest level of reserve accumulation by this group of miners since November 2024.
The steady accumulation trend suggests that most miners are not facing immediate financial stress, even amid falling revenues. Their continued reserve growth indicates a long-term outlook and confidence in future price recovery, rather than capitulation under current market conditions.
Overall, while bitcoin miner revenues have declined to a two-month low, there is no evidence of widespread selling pressure in response. CryptoQuant’s findings portray a mining sector that, though underpaid by recent standards, remains resilient and strategically focused on long-term accumulation.
