Bitcoin miners hold their assets despite mining profitability falling to a few months’ low. Encryption show.
The data reveals that miners’ revenues fell to $34 million on June 22, marking their weakest income since April 20.
This is due to a wider market pullback and lower transaction fees, resulting in lower network revenues.
A lower transaction fee can be linked to a drop in Bitcoin’s network activity to a level where it has not been seen for more than a year. This is because investors now see the top crypto as a valuable store rather than a payment method.
Because of this, most investors hold their assets and do not spend or trade with them.
However, this change in attitude has had a widespread impact on Bitcoin Miners, which has now reached the lowest salary level since July 2024.
Bitcoin Miner refuses to sell
Despite the declining revenue, BTC miners seem to be committing to keep their assets instead of selling to make money.
Cryptoquant data shows that daily BTC spills from minor wallets to exchanges have dropped sharply, from a peak of February 23,000 BTC to just 4,000 BTC as of February 26th.
This unwillingness to sell is also evident among so-called “Satosiera” miners, starting with 10,000 BTC sold in 2025.
Cryptoquant attributes this behavior to a relatively healthy margin of operation. Miners still operate at a margin of 48% based on net unrealized profit and loss (NUPL) metric data, according to the company.
Additionally, the Bitcoin reserve held by miners has also risen over the past few months.
According to Cryptoquant, the wallet, which holds 100-1,000 BTC, increased its collective holdings from 61,000 BTC at the end of March to 65,000 BTC by June 26th. This is the highest level since November 2024.