Key Highlights
- Daily mining revenue dropped to $34 million on June 22, the lowest since April 2025.
- Hashrate declined 3–5% since mid-June, signaling rising pressure on miners post-halving.
- Miners resist forced selling, with wallet outflows falling from 23,000 BTC/day (February) to ~6,000 BTC.
- Reserves remain strong – mid-sized firms added 4,000 BTC since March, suggesting strategic holding.
In-Depth Analysis
Revenue Decline Reflects Market Conditions
CryptoQuant's weekly report reveals Bitcoin miners' daily earnings plunged to $34 million on June 22 – a two-month low and among 2025's weakest figures. This downturn coincides with:
- Post-halving margin squeeze: Reduced block rewards continue straining profitability.
- Hashrate dip: A 3–5% drop in network computing power since June 16 marks the steepest decline since July 2024.
👉 Why miners are holding despite revenue drops
Miner Behavior Defies Expectations
Contrary to predictions of widespread capitulation:
- No surge in exchange transfers: Miner wallet outflows remain subdued.
- Satoshi-era wallets inactive: Only 150 BTC sold in 2025 vs. 10,000 BTC in 2024.
- Reserves grow: Addresses holding 100–1,000 BTC (mid-sized firms) accumulated 4,000 BTC since March.
This suggests miners are:
- Waiting for price recovery
- Selectively liquidating assets
FAQs
Why hasn’t the hashrate dropped more sharply?
Miners with efficient operations and low energy costs can still operate profitably, cushioning the decline.
Are miners selling Bitcoin secretly?
On-chain data shows no hidden sell-offs. Outflows are transparent and declining.
Could this trigger a Bitcoin price crash?
Unlikely. The lack of forced selling reduces downward pressure on BTC markets.
Strategic Takeaways
- Monitor hashrate trends for early signs of miner stress.
- Watch wallet movements – sustained low outflows indicate confidence in future prices.
- Assess mid-sized miners' reserves as a liquidity barometer.
👉 How Bitcoin halving impacts long-term value
Data sourced from CryptoQuant and on-chain analysis. Updated June 2025.