Bitcoin Miners Defy Revenue Downturn, Hoard BTC Amid Record Prices
Bitcoin miners are accumulating BTC despite declining revenues and near-all-time-high prices. According to CryptoQuant data, miners have added 4,000 BTC to their reserves since April 2025, bringing total holdings between 100–1,000 BTC to 65,000 BTC—the highest level since November 2024.
Key trends:
- Daily miner revenues dropped to $34 million (June 2025), a two-month low.
- Miner wallet outflows fell from 23,000 BTC/day (February 2025) to 6,000 BTC/day.
- "Satoshi-era" miners sold only 150 BTC in 2025 vs. 10,000 BTC in 2024 (98.5% decrease).
Why Miners Are Holding Firm
- Long-Term Conviction: Miners prioritize BTC’s appreciation potential over short-term liquidity.
- Halving Impact: April 2024’s block subsidy reduction (6.25 BTC → 3.125 BTC) squeezed margins but incentivized holding.
- Market Signal: The "Hash Ribbons" indicator (June 2025) flagged a historic buy opportunity, suggesting capitulation phases often precede rallies.
👉 How Bitcoin mining resilience shapes market trends
India Explores Sovereign Bitcoin Reserve Pilot
Pradeep Bhandari, BJP national spokesperson, proposed a Bitcoin reserve pilot to bolster India’s economic resilience, citing:
- Global Precedents: The U.S. and Bhutan integrate Bitcoin into national strategies.
- Renewable Energy Edge: India’s solar/wind capacity could sustainably power state-backed mining.
India’s Crypto Dilemma
- Taxation: 30% capital gains tax + 1% TDS on crypto transactions.
- Regulation: No formal framework exists, stifling institutional participation.
Bhandari’s Argument:
- "A transparent Bitcoin reserve pilot could position India as a digital asset leader."
- Delays risk ceding ground to the U.S., China, and other G20 nations.
FAQs
Q: Why are miners holding BTC despite low revenue?
A: They anticipate long-term price growth post-halving and leverage 48% average operating margins to endure short-term strain.
Q: What’s the significance of Satoshi-era miners not selling?
A: Dormant wallet activity often signals market tops; their inactivity suggests strong belief in further bull runs.
Q: How would India’s Bitcoin reserve work?
A: A state-managed pilot using renewable energy, similar to Bhutan’s mining model, with clear regulatory guidelines.
👉 Global crypto strategies and their economic impact
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