Bitcoin Miner Revenue Faces Prolonged Compression at Record High Prices
- Bitcoin miner revenue per TH/s declines despite high prices.
- High energy costs crimp miner margins.
- Minor miner outflows reflect low sell pressure.
Bitcoin miner revenue per TH/s has sharply declined amidst high Bitcoin trading values, with earnings reaching their lowest since April across major mining pools globally.
The downward trend in miner revenue signals economic stress in the industry, potentially affecting market dynamics and prompting changes in strategic reserves and operations.
Bitcoin mining revenue per TH/s is experiencing a sharp decline even though Bitcoin prices remain near all-time highs. This scenario has resulted in prolonged margin compression for miners.
Major mining pools such as Foundry USA and Antpool continue to lead despite declining profitability. Foundry USA influences block reward distribution and miner sentiment through its hashpower.
The immediate impact is a reduction in miner revenue, which has fallen to $34 million as of June 22, 2025. This is despite stable BTC prices, as highlighted by leading crypto analysts.
Financial implications include a 3.5% decline in hashrate and a decrease in transaction fee revenue, complicating operations for many miners and indicating ongoing challenges in the industry.
Historically, BTC mining compressions follow halvings, impacting hashrate and profitability. Current trends suggest a muted response in miner sell-offs, reflecting long-term holder confidence. A CryptoQuant Analyst noted, “Outflows from miner wallets have remained muted, sliding from 23,000 BTC per day in February to around 6,000 BTC currently, despite profitability lows.”
Regulatory and technological changes may further affect miner behavior. Data from mid-sized miners reveals increased BTC reserves, indicating a strategy to hold amidst current conditions.
