Bitcoin miner revenue falls to a one-year low, yet they choose to hold firm

According to a report by CryptoQuant, Bitcoin miners' daily revenue has dropped to $34 million, the lowest level since April 2023, due to falling transaction fees and a weakening coin price. As the enthusiasm for Ordinals inscriptions wanes, transaction fees have significantly decreased, and the miner profit/loss sustainability indicator shows they are in a state of 'extreme under-reward.'

Despite the decline in revenue, miners have not sold off their assets: the outflow from February's daily 23,000 BTC has decreased to 6,000 BTC, and the funds sent to exchanges remain low. Currently, miner profit margins are still at 48%.

Since June 16, Bitcoin's total network hash rate has decreased by 3.5%, marking the largest drop since the halving in July 2024. Nevertheless, miner addresses holding between 100 to 1,000 BTC have increased their reserves from 61,000 coins at the end of March to 65,000 coins, reaching a new high since November 2024, indicating a trend of increased accumulation.

Meanwhile, 'Satoshi-era' old wallets have sold only 150 BTC this year, far less than the thousands in 2024, reflecting that the market may still be in a bull cycle.

#Bitcoin #Miners #CryptoQuant #On-chain data #BTC