Bitcoin Mining Companies’ Revenues Are Falling, But They’re Not Selling – What Does This Mean Historically?
2025/06/29 22:59Cryptocurrency analytics company Alphractal has published a remarkable assessment of the Bitcoin mining industry.
The report notes that miners are not selling their Bitcoin reserves despite facing historically low profitability.
Total transaction fees paid on the Bitcoin network have fallen to their lowest levels since 2012. This is attributed to the fact that on-chain activity has been extremely low this cycle, severely reducing miner revenues.
Despite the recent decrease in hash rate, there has been no adjustment to the network difficulty yet. This delay further narrows miners’ margins and delays the network from reaching balance.
The Bitcoin network is experiencing the highest hash rate fluctuations in its history. This is believed to be due to some major mining operations shutting down their ASIC devices, with falling revenues and decreasing network demand being cited as the reasons.
Despite the difficult mining conditions, the fact that miners have not yet sold their reserves is considered a positive sign. According to Alphractal, some mining pools may have scaled back their activities in line with the decline in global chain usage. With Bitcoin trading above $107,000, miners are thought to be reallocating hash power based on current demand.
According to the analyst firm, in past cycles, miners typically sold during periods of rapid price appreciation and increased network activity. However, both elements are currently at low levels, suggesting that the market may be in a period of “adjustment” rather than “capitulation.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Solana News Today: Investors Rely on ABC Pattern as Solana Nears Critical Wave C
- Solana’s price chart shows an ABC corrective pattern in Wave C, with analysts projecting $260–$300 targets if the pattern holds. - The U.S. Dollar Index’s recent Double Three pattern and bearish trend may boost risk-on assets like Solana as dollar weakness continues. - Traders are advised to monitor key Fibonacci levels and support zones for confirmation, with potential for further declines or bullish reversals. - Market participants emphasize combining technical signals with fundamental analysis to navi
Pump.fun’s Resurgence: Can a 92.5% Market Share Signal a New Bull Case for $PUMP?
- Pump.fun dominates Solana memecoin launchpad with 92.5% market share, driven by $62.6M token buybacks reducing supply by 4.3%-16.5%. - Platform's 1% swap fee generates $13.48M weekly revenue, but faces $5.5B lawsuit alleging market manipulation and "unlicensed casino" behavior. - Competitors like LetsBonk (15.3%) and Heaven (15%) struggle against Pump.fun's 70,800 retail holders and $800M+ lifetime revenue. - Market consolidation raises regulatory risks, yet Pump.fun's buyback-driven flywheel effect sust
Ethereum's On-Chain Resurgence and Institutional Bull Case: A New Era for the Blockchain Giant
- Ethereum’s August 2025 on-chain volume hit $320B, driven by 1M+ daily active addresses and 43.83% YoY transaction growth. - Institutional adoption surged via ETFs (5% circulating supply) and corporate ETH holdings rising from $4B to $12B by month-end. - Dencun upgrades (EIP-4844) reduced gas fees by 70%, boosting DeFi efficiency and solidifying Ethereum’s infrastructure dominance. - 25M ETH staked ($125B value) reflects long-term confidence, with 4–6% annualized yields reinforcing network security and pa
DeFi Dev Corp's Strategic Solana Accumulation and Its Implications for Institutional Confidence
- DeFi Development Corp. (DFDV) accumulates 1.83M SOL ($371M) via $125M equity, leveraging Solana’s staking yields and network growth to boost Solana-per-Share (SPS) to $17.52. - The firm strengthens Solana’s institutional appeal by expanding validator infrastructure, partnering with GDN, and acquiring Cykel AI for AI-driven treasury analytics. - DFDV’s SPS model ties shareholder value to Solana’s price, creating a flywheel effect that attracts institutional capital, though risks like regulatory uncertaint
Trending news
MoreCrypto prices
More
