Bitcoin Miners Hold Reserves Despite Revenue Decline
- Bitcoin miners have added 4,000 BTC to their reserves since April, reaching a total of 65,000 BTC.
- Daily revenue for miners fell to $34 million on June 22, marking a two-month low.
- The Bitcoin network hashrate experienced a decline of 3.5% over the past ten days.
- “Satoshi-era” miners have only sold 150 BTC in all of 2025, compared to nearly 10K BTC in the previous year.
Despite reaching new all-time highs, Bitcoin miners are retaining their holdings due to reduced revenues and lower transaction fees. The operating margin for miners remains at an overall rate of approximately 48%, encouraging them to hold rather than sell.
This trend is further underscored by the minimal sales activity from “Satoshi-era” miners, who are traditionally known for selling during price rallies but have largely held their reserves this year despite high prices. (Source)
