Bitcoin Miners HODL Through Worst Payout in a Year: CryptoQuant
2025-06-29 20:35:55
Main Idea
Bitcoin miners are facing declining revenues and reduced network hashrate, but some miners are increasing their BTC holdings despite the price drop.
Key Points
1. Bitcoin miner revenues have declined to their lowest levels since April 20, with a 3.5% drop since June 16, 2024.
2. The Bitcoin network hashrate fell 8.4% in July 2024, contributing to reduced mining rewards.
3. Large miners (holding 100-1,000 BTC) have increased their collective holdings from 61,000 BTC on March 31 to 65,000 BTC, the highest level since November 2024.
4. Miners have not recorded extremely high flows to exchanges since February, indicating reduced selling pressure.
5. Despite the price drop, miners are still operating at 48% Net Unrealized Profit/Loss.
Description
Bitcoin may be struggling to rally past its all-time high of $112,000, but miners are going through a tougher time. They have recently recorded some of their worst paydays in history. On-chain data, including the Miner Profit/Loss Sustainability metric, analyzed by the market intelligence platform CryptoQuant, revealed that miner revenues have declined significantly. However, this has not triggered any form of panic selling among them. Miner Revenues Plummet According to the report , miners are ...
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