Bitcoin Miners Face Yearly Low Earnings but Show Resilience, Cryptoquant Report Finds

Bitcoin Miners Face Yearly Low Earnings but Show Resilience
Bitcoin miners are experiencing their lowest earnings in a year, according to the latest Cryptoquant report. Miner revenue had slid to just $34 million, marking the weakest earnings since April 20. The slump in earnings is attributed to lower transaction fees and a softer Bitcoin price, which has put pressure on mining profitability. Additionally, fading Ordinal inscription activity that had previously inflated transaction fees earlier in the quarter has further contributed to the drop. Cryptoquant’s Miner Profit/Loss Sustainability metric now indicates that miners are “extremely underpaid.”

Despite these challenges, the report reveals that miners are not capitulating. Outflows of Bitcoin from mining operations have decreased significantly, from a peak of 23,000 coins per day in February to about 6,000 coins. This indicates that miners are reluctant to sell their holdings, even as their revenues dwindle. Moreover, there has been a decline in direct transfers to exchanges, which signals that miners are choosing to hold onto their coins instead of dumping them on the market.

Declining Hashrate and Miner Resilience Amidst Struggles
The drop in miner revenue has already started to affect network activity. Bitcoin’s hashrate has decreased by 3.5% since June 16, marking the steepest decline since the 8.4% drop following the 2024 halving event. Cryptoquant’s data suggests that this computational weakness could signal broader miner capitulation if Bitcoin prices fail to rebound. However, miners are demonstrating significant resilience. Despite the revenue squeeze, miners are choosing to ride out the current volatility rather than selling off their coins.

Interestingly, Satoshi-era wallets, which have been dormant for years, have only sold 150 Bitcoin in 2025, compared to the thousands of coins sold in 2024. This lighter selling suggests that the fears of legacy Bitcoin supply flooding the market might be overstated. According to Cryptoquant analysts, such light selling is typically aligned with continued bull-market conditions, giving miners and investors reason to remain optimistic.

Meanwhile, Bitcoin miners holding between 100 to 1,000 Bitcoin have been accumulating, with reserves rising from 61,000 coins on March 31 to 65,000 coins by the end of June. This marks the highest level of accumulation since November 2024. Such an increase in reserves often precedes price recoveries, indicating that miners are anticipating an eventual rebound in Bitcoin prices. However, researchers caution that rising energy costs and increasing regulatory pressure could potentially squeeze margins in the near future.

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