Long-term strategies are prioritized by miners over quick sales for liquidity.
Recent reports indicate Bitcoin $107,389 miners have encountered their lowest revenue in two months. As of June 22, daily mining income plummeted to $34 million, marking the lowest figures since April and among the weakest levels in the past year. This downturn in miner revenue is attributed to the reduction in transaction fees and Bitcoin’s local low pricing.
ContentsCurrent State of Mining RevenuesSatoshi Era Miners’ ActivityRising Trends in Miner Reserves Current State of Mining Revenues
Transaction fees have decreased in recent weeks, and along with Bitcoin’s low trading prices, this has further squeezed miner revenue. Data released on June 22 points towards declining profit margins for miners. Furthermore, the network’s total hashrate (computing power) has dropped by 3.5% since June 16. This decrease is one of the most significant since July 2024, adding pressure on miners whose profit margins are squeezed even tighter post-halving.
Nevertheless, an expected wave of closures or surrender from miners has not been observed. According to a report by CryptoQuant, daily outflows from miner wallets remain low. The amount of Bitcoin exiting these wallets daily has dropped from 23,000 BTC in February to around 6,000 BTC, with no notable increase in mass transfers to exchanges.
Satoshi Era Miners’ Activity
The report also highlights a lack of significant activity in the wallets of “Satoshi era miners,” who were active in the early years of the Bitcoin network. Throughout 2025, only 150 BTC were sold by these miners, a decrease from about 10,000 BTC in 2024. These miners are considered indicators of long-term trends.
Satoshi era miners consist of individuals who mined Bitcoin between 2009 and 2011 and are often viewed as benchmarks for long-term trends. The low activity from these miners suggests there is no selling pressure on the market driven by miner actions.
Rising Trends in Miner Reserves
Data reveals an upward trend in miner reserves, particularly among addresses holding between 100 and 1,000 BTC, typically controlled by mid-sized miners. Since March, these addresses have added a total of four thousand BTC, reaching the highest wallet balances since November 2024.
Experts speculate that miners prefer to cover expenses with cash reserves or are holding out for a Bitcoin price recovery. Observations indicate there is currently no selling pressure at these price levels. CryptoQuant’s analysis suggests miners focus on long-term strategies rather than selling.
CryptoQuant notes, “This development highlights the absence of selling pressure from miners at current price levels.” Current data and analyses show that while Bitcoin miners face increasingly challenging profitability conditions, they have not turned to large-scale selling for liquidity. Despite the revenue decline, there has been no significant BTC sale compared to previous periods. The increase in miner reserves indicates a prioritization of long-term expectations among investors, with no immediate selling pressure noted. Miner behaviors are being closely monitored, while developments in transaction fees and Bitcoin pricing remain influential on miners.
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