Recent reports indicate that Bitcoin miners have reached their lowest revenue in two months. The reduction in transaction fees and low Bitcoin prices are contributing to this downturn.
Current State of Mining Revenues
As of June 22, daily mining income plummeted to $34 million, marking the lowest figures since April. This downturn in miner revenue is attributed to the reduction in transaction fees and Bitcoin's low trading prices. Data released on June 22 points towards declining profit margins for miners. Furthermore, the network's total hashrate has dropped by 3.5% since June 16, adding pressure on miners whose profit margins are squeezed even tighter post-halving.
Satoshi Era Miners' Activity
The report also highlights a lack of significant activity in the wallets of 'Satoshi era miners,' who were active in the early years of the Bitcoin network. Throughout 2025, only 150 BTC were sold by these miners, a decrease from about 10,000 BTC in 2024. These miners are considered indicators of long-term trends.
Rising Trends in Miner Reserves
Data reveals an upward trend in miner reserves, particularly among addresses holding between 100 and 1,000 BTC. Since March, these addresses have added a total of four thousand BTC, reaching the highest wallet balances since November 2024. Experts speculate that miners prefer to cover expenses with cash reserves or are holding out for a Bitcoin price recovery.
Despite facing increasingly challenging profitability conditions, Bitcoin miners have not turned to large-scale selling. The increase in miner reserves suggests a prioritization of long-term expectations among investors.
