Bitcoin Miners Hold Assets Despite 50% Revenue Drop

Bitcoin miners are maintaining their assets despite a significant drop in mining profitability, according to a recent report by CryptoQuant. The data indicates that miner revenues plummeted to $34 million on June 22, marking the lowest earnings since April 20. This decline is attributed to a broader market pullback and a decrease in transaction fees, which have reduced overall earnings across the network.

The reduction in transaction fees is linked to a decrease in Bitcoin’s network activity, which has not been seen in over a year. This shift is due to investors increasingly viewing Bitcoin as a store of value rather than a medium of exchange. Consequently, most investors are holding onto their assets, leading to fewer transactions and lower fees.

This change in investor behavior is significantly impacting Bitcoin miners, who are now experiencing their lowest earnings since July 2024. Despite the financial strain, miners appear committed to holding their assets rather than selling them to bolster their earnings. CryptoQuant’s data reveals that daily Bitcoin outflows from miner wallets to exchanges have sharply declined, from a February peak of 23,000 BTC to just 4,000 BTC as of June 26.

This trend is also evident among so-called “Satoshi-era” miners, who have offloaded only 150 BTC in 2025, a stark contrast to the 10,000 BTC sold throughout 2024. CryptoQuant attributes this behavior to relatively healthy operating margins, with miners still operating at a 48% margin based on Net Unrealized Profit and Loss (NUPL) metrics data. Additionally, miner-held Bitcoin reserves have increased over the past few months, with wallets holding between 100 and 1,000 BTC increasing their collective holdings from 61,000 BTC at the end of March to 65,000 BTC by June 26. This is the highest level since November 2024, indicating continued confidence and a limited desire to cash out.