Bitcoin Miners Adapt to Revenue Challenges

Bitcoin miners are grappling with decreased earnings, as recent figures indicate mining revenues reaching their lowest point in two months. On June 22, daily profits hit $34 million, the smallest amount since April and one of the lowest in the previous year. This decline is primarily attributed to shrinking transaction fees and Bitcoin’s reduced market value.

Why Are Mining Revenues Dwindling?

The decrease in transaction fees, combined with Bitcoin’s spot price remaining low, has significantly impacted miner revenue streams. By June 22, profit margins for those undertaking these mining operations were notably reduced. The total network hashrate, a measure of computational power, also dropped by 3.5% since June 16, marking a notable decline not seen since July 2024.

How Are Satoshi Era Miners Reacting?

Despite these challenges, there has been no mass exit among miners. CryptoQuant reports that daily Bitcoin outflows from mining wallets remain minimal, reducing from 23,000 BTC in February to about 6,000 BTC today, without large movements of Bitcoin to exchanges. Those known as “Satoshi era miners,” active since Bitcoin’s inception, have also shown minimal activity in the market.

These historic miners, who originally mined Bitcoin between 2009 and 2011, are viewed as indicators of long-term market trends. With only 150 BTC sold in 2025 compared to 10,000 BTC in 2024, these miners have exerted little market influence in recent months, signifying no immediate selling pressure.

What Do Rising Miner Reserves Indicate?

Miner reserves have shown an upward trajectory, notably among holders with balances between 100 and 1,000 BTC, hinting at strategic holdings by medium-sized operators. Since March, there has been a significant addition to these wallets, reflecting the highest totals since November 2024.

It appears miner strategies are shifting toward conserving resources and expecting future increases in Bitcoin pricing. CryptoQuant remarks on the situation, highlighting the lack of immediate selling impetus.

“This development highlights the absence of selling pressure from miners at current price levels,”

their analysis states.

The data suggests that while traditional revenue sources for miners have diminished, the anticipated large-scale sell-offs have yet to materialize. Instead, miners are relying on reserves and maintaining their holdings despite apparent setbacks. A focus on long-term strategies appears prevalent among those in the industry, with reduced urgency to liquidate assets at current market rates.