Bitcoin Miners Revenue Drops 20% in Two Months Amid Price Stability

Bitcoin miners are currently facing a challenging environment, with revenues dropping to their lowest levels in two months. Daily mining revenue fell to $34 million on June 22, marking the weakest point since April and one of the lowest levels observed over the past year. This decline is attributed to a decrease in transaction fees and the stabilization of Bitcoin prices near local lows, which reduces the overall incentives for miners to remain operational.

The hashrate, a measure of the network's computing power, has also seen a dip of 3.5% since June 16. This pullback is the most significant since July 2024 and reflects the mounting pressure on miners who are already dealing with tighter margins following the halving event. Despite these challenges, there has been no significant wave of miner capitulation. Outflows from miner wallets have remained low, dropping from 23,000 BTC per day in February to around 6,000 BTC currently, with no spikes in exchange transfers recorded.

Even wallets associated with Satoshi-era miners, which are often seen as indicators of long-term sentiment, have shown minimal activity. Only 150 BTC have been sold so far in 2025, compared to nearly 10,000 BTC offloaded in 2024. This suggests that miners are adopting a long-term strategy, either anticipating a rebound in Bitcoin prices or preferring to hold onto their coins rather than sell at current prices. Data indicates that miner reserves are growing, with addresses holding between 100 and 1,000 BTC adding 4,000 BTC since March, pushing balances to their highest levels since November 2024.

The decision by miners to hold onto their coins rather than sell them could have significant implications for the supply and demand dynamics of Bitcoin. This behavior could support price stability or even drive future price increases, as the reduced selling pressure could lead to a tighter supply of Bitcoin in the market. The absence of selling pressure from miners is a notable development, as it suggests that they are confident in the long-term prospects of Bitcoin, despite the current revenue challenges. This confidence could be influenced by overall market sentiment and the potential for future price appreciation.