27-6-2025 – Bitcoin miners are navigating a challenging landscape as their revenues have plummeted to a two-month low, yet they remain steadfast, showing no signs of succumbing to forced sales despite shrinking profitability.
According to a recent CryptoQuant report, daily mining revenue slumped to $34 million on June 22, marking the lowest figure since April and one of the weakest performances in the past year. This decline coincides with a drop in transaction fees and Bitcoin’s price lingering near recent lows, eroding the financial incentives that keep miners’ operations humming. The network’s hashrate, a measure of computational power, has also taken a hit, falling 3.5% since June 16—the most significant retreat since July 2024. Though modest, this dip signals the mounting strain on miners, whose margins have been squeezed further by the recent Bitcoin halving.
Miner capitulation yet to materialise
Despite these pressures, the anticipated rush of miner capitulation has failed to emerge. Wallet outflows tell a story of resilience: daily Bitcoin transfers from miner wallets have dwindled from 23,000 BTC in February to a mere 6,000 BTC now, with no notable surges in exchange deposits. Even the so-called Satoshi-era miners—those who amassed their coins between 2009 and 2011, when Bitcoin’s enigmatic creator, Satoshi Nakamoto, was still active in online forums—have shown remarkable restraint. In 2025, these early adopters have parted with just 150 BTC, a stark contrast to the 10,000 BTC they sold off in 2024.
Accumulation on the rise
Far from liquidating their holdings, miners appear to be bolstering their reserves. Data reveals that addresses holding between 100 and 1,000 BTC—often linked to mid-sized mining operations—have accumulated an additional 4,000 BTC since March, driving their balances to the highest point since November 2024. This trend suggests a strategic patience among miners, who seem to be banking on a price recovery or opting to dip into cash reserves rather than sell at current levels.
Market implications and outlook
CryptoQuant’s analysis underscores this defiance: “Miners are not contributing to selling pressure at these price points.” As Bitcoin hovers at $107,232.47, the industry watches closely to see whether miners’ resilience will hold firm or if market dynamics will eventually force their hand.
