Recent analysis by CryptoQuant has revealed that Bitcoin miner revenues have plummeted to their lowest point in two months. On June 22, daily earnings fell to $34 million, a level not seen since April 20, 2025. This decline is primarily attributed to a combination of reduced transaction fees and a drop in Bitcoin’s market price.
The falling revenues have resulted in miners facing some of the lowest compensation rates recorded over the past year. According to CryptoQuant’s weekly analysis, miners are currently “the most underpaid they have been in the last year.”
Bitcoin miners just saw their worst payday in a year.
Daily revenue slipped to $34 million in June, the lowest since April.
Falling fees and Bitcoin’s price drop are crushing margins. pic.twitter.com/TXdN06CU1F
— CryptoQuant.com (@cryptoquant_com) June 26, 2025
Hashrate Falls, But Miner Selling Stays Low
Interestingly, despite the significant drop in revenue, miners have not increased their selling activities. CryptoQuant has reported a steady decline in Bitcoin outflows from miner wallets, decreasing from a peak of 23,000 BTC per day in February to approximately 6,000 BTC currently.
This indicates a notable reduction in selling activity, particularly amidst recent market volatility. Additionally, the network’s hashrate has seen a 3.5% decrease since June 16, marking its largest drop in nearly a year. However, this decline in computational capacity has not resulted in a surge of liquidations among miners. Furthermore, “Satoshi-era” miners have sold only 150 BTC in 2025, in stark contrast to nearly 10,000 BTC sold in 2024.
Miner Reserves Grow Despite Lower Income
CryptoQuant analysts have also observed that miners are opting to bolster their reserves rather than engage in selling. Addresses holding between 100 and 1,000 BTC have increased their collective holdings from 61,000 BTC on March 31 to 65,000 BTC by late June. This represents the highest level of reserve accumulation for this group since November 2024.
This trend of steady accumulation suggests that many miners are not experiencing immediate financial distress despite declining revenues. The continued growth in reserves indicates a long-term outlook and optimism regarding future price recovery, rather than capitulation to current market conditions.
In summary, while Bitcoin miner revenues have hit a two-month low, there is no indication of widespread selling pressure in response. Findings from CryptoQuant illustrate a mining sector that, although facing lower payouts by recent standards, remains resilient and strategically focused on long-term accumulation.
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