Bitcoin
Cryptoquant said daily mining revenue was the weakest of its weakest level since April 22 on June 22, dropping to $34 million in a weekly report shared with Coindesk.
This drop will reduce transaction fees, cover Bitcoin near local lows, and reduce the overall incentive for miners to stay online.
The hashrate has soaked 3.5% since June 16th, marking the most important pullback of network computing power since July 2024. It’s modest, but half the margin reflects an increase in pressure on miners already underway.
However, the expected wave of miners’ surrender has not been realized. The leaks from minor wallets remain muted, sliding from 23,000 BTC per day in February to about 6,000 BTC now.
Even the wallet tied to the miners of Satoshi Eela, often a bell-shaped emotion, was barely bulging. In 2025, 150 BTC had been sold so far in 2025.
Satoshii Ella miners refer to network participants who mined coins in the very early days of the Bitcoin network. It usually occurs between 2009 and 2011 when Nakamoto Sato, the creator of Bitcoin’s pseudonym, was still active in online forums.
Meanwhile, data shows that miners’ reserves are increasing. Addresses that hold 100-1,000 BTC (used by medium-sized mining entities) have added 4,000 BTC since March, bringing the balance to the highest level since November 2024.
Takeout means that miners are playing a long game, either expecting rebounds or preferring to burn cash rather than selling at current prices.
“This further suggests that there is no sales pressure from miners at these price levels,” concluded Cryptoquant.
