Bitcoin miners hold on despite lowest income in a year: CryptoQuant

Although Bitcoin (BTC) has been hovering around its historical high of $112,000 without breaking through, the predicament faced by miners is even more severe. Recently, they recorded one of the worst income days in history.

On-chain data, including the “Miner Profitability Sustainability” indicator provided by CryptoQuant, shows that miner income has significantly declined. However, this has not triggered a panic sell-off.

Significant Decline in Miner Income

The report points out that miners' current income level is the lowest in the past year. On June 22, the total miner revenue for the day dropped to $34 million, marking the lowest point in two months. This was mainly influenced by the decline in Bitcoin prices and decreasing transaction fees. CryptoQuant states that this is the lowest record since April 20.

Meanwhile, the hash rate of the Bitcoin network has also experienced a slight decline. Since June 16, the network hash rate has dropped by 3.5%, and although this may seem moderate, it is the largest drop since July 2024. At that time, due to the block reward halving from 6.25 BTC to 3.125 BTC, the network hash rate fell by 8.4%.

Despite the decline in income, the outflow of miners is also decreasing, indicating that selling pressure remains low. From a daily high of 23,000 BTC in February, the Bitcoin flow from miners to exchanges has dropped to about 6,000 BTC currently. CryptoQuant states that miners still maintain a 48% unrealized profit margin, providing little incentive for selling.

Holding Steady, Miners Continue to Accumulate

More notably, since February, there has been almost no large-scale transfers of miners to exchanges. On the contrary, some large miners are increasing their reserves.

The total holdings of wallets holding 100 to 1,000 BTC have increased from 61,000 BTC on March 31 to 65,000 BTC currently, the highest level since November 2024. At that time, after Bitcoin first broke $100,000, these reserves briefly fell below 71,000 BTC. The current rebound in reserves indicates that miners are not in a hurry to sell at the current price.

Additionally, “Satoshi-era” old miners have sold only about 150 BTC this year, far below last year's 10,000 BTC. These types of investors often cash out at market peaks, so their current silence further supports the view that Bitcoin still has room for growth.