Bitcoin Miners Maintain Confidence Despite Revenue Decline

1. Mining revenue hits low – but miners aren’t selling

According to data from CryptoQuant, Bitcoin miners’ daily revenue fell to $34 million on June 22 - the lowest in two months, and among the lowest over the past year. The drop is primarily attributed to reduced Bitcoin price action and declining transaction fees following the April halving.

Some smaller operators even shut down their rigs as operational costs surpassed mining rewards. Yet remarkably, miners are holding their BTC instead of selling.

2. BTC Reserves Rise, Long-Term Faith Remains

This behavior is reflected in decreasing BTC outflows from miner wallets - from a peak of 23,000 BTC/day in February to around 6,000 now. Rather than liquidating on exchanges, miners appear to be accumulating. It highlights a clear long-term view of Bitcoin's future value and the overall crypto market, even when short-term profitability is pressured.

3. Why are they still holding?

Experts speculate that miners anticipate a new bull run. Holding BTC at current price levels could lead to substantial profit should Bitcoin price return to the projected $120,000 - 150,000 range.

4. Conclusion

Despite a sharp drop in mining income, Bitcoin miners are showing resilience and commitment to long-term strategies. This underscores deep confidence in the fundamentals of Bitcoin and the crypto industry as a whole.