Bitcoin Miner Revenue Drops to 2-Month Low, but Selling Pressure Remains Absent: CryptoQuant

Bitcoin mining revenues have plummeted to their lowest point in two months, reaching $34 million on June 22nd—a level unseen since April and among the lowest in the past year. This downturn, reported by CryptoQuant, is attributed to declining transaction fees and Bitcoin’s recent price stagnation, creating diminished incentives for miners to maintain operations.

The reduced profitability is impacting the mining landscape. The hashrate, a measure of network computing power, has experienced a 3.5% decline since June 16th, marking the most significant drop since July 2024. This contraction, while relatively small, underscores the mounting pressure on miners already facing tighter margins following the Bitcoin halving.

Despite these challenges, the anticipated wave of miner capitulation has yet to materialize. Outflows from miner wallets remain subdued, decreasing from 23,000 BTC per day in February to approximately 6,000 BTC currently. Crucially, no significant spikes in exchange transfers have been observed. Even wallets associated with Satoshi-era miners—those who mined Bitcoin in its infancy (2009-2011)—show minimal activity, with only 150 BTC sold in 2025 compared to nearly 10,000 BTC sold in 2024. This group’s actions are often considered a key indicator of long-term market sentiment.

Interestingly, miner reserves are expanding. Addresses holding between 100 and 1,000 BTC, typically controlled by mid-sized mining operations, have accumulated 4,000 BTC since March, reaching their highest levels since November 2024.

This data suggests miners are adopting a long-term strategy, either anticipating a Bitcoin price rebound or choosing to deplete their cash reserves rather than sell at current prices. CryptoQuant’s analysis concludes that there is currently no significant selling pressure emanating from miners at the prevailing price levels. The observed resilience in the face of reduced profitability indicates a notable shift in miner behavior, emphasizing a long-term outlook rather than immediate responses to market fluctuations.