Bitcoin Miners Quiet Down—Volume Hits Lowest Since 2022
2025-07-09 01:14:35
Main Idea
Bitcoin miners' transaction volume has hit its lowest level since November 2022, with mining activity now predominantly occurring in the US, and the average miner electricity cost remains at $45/MWh.
Key Points
1. Bitcoin Miners’ Volume Share has dropped to multi-year lows, currently at 3.3%, the lowest since November 2022.
2. 75% of all reported Bitcoin mining activity now occurs in the US, a significant shift from four years ago when 50% was in China.
3. The average miner electricity cost is $45/MWh, which represents 80% of the production cost, as confirmed by Cambridge's Digital Mining Industry Report.
4. The decline in miner transaction volume suggests reduced selling pressure, as miners may not have much appetite for selling currently.
Description
On-chain data shows the Bitcoin miners have seen a drop in activity as their transaction volume share has declined to multi-year lows. Bitcoin Miner Volume Is Now At Its Lowest Since November 2022 According to data from the institutional DeFi solutions provider Sentora (formerly IntoTheBlock), the Bitcoin Miners’ Volume Share has recently gone down. This on-chain indicator measures, as its name suggests, the percentage of the BTC transaction volume that the miner-related transfers occupy. Below ...
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