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Bitcoin miners’ revenues fell to their lowest points in two months, but despite the drop in profitability, there are no signs of forced selling. A weekly report by CryptoQuant showed that daily mining revenue dropped to $34 million on June 22, the lowest since April and one of the lowest levels in the past year.

 

The hashrate has decreased by 3 to 5% since June 16, marking the largest decline in network computing power since July 2024. Although modest, this indicates increasing pressure on miners, who are already facing tighter margins due to the halving.

However, the expected surge in miner surrender has not materialized. With no spikes in exchange transfers, miner wallet outflows have remained low, declining from 23,000 BTC per day in February to about 6,000 BTC.

Even wallets associated with miners from the Satoshi era, often viewed as a long-term indicator, have hardly changed in 2025; only 150 BTC have been sold so far, compared to nearly 10,000 BTC offloaded in 2024.

Miners from the early days of Bitcoin, typically from 2009 to 2011 when Satoshi Nakamoto was still active online, are known as “Satoshi-era miners.” Miners’ reserves are high, since March, addresses holding between 100 and 1,000 BTC, operated by mid-sized mining firms, added 4,000 BTC, reaching their highest levels since November 2024. The conclusion is that miners are either waiting for a rebound or acting selectively.