Bitcoin Hashrate Declines 3.5%, But Miners Hold Firm Amid Market Weakness

Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.

The dip comes amid falling transaction fees and weaker price action, which are squeezing miner margins following April’s block reward halving.

Despite growing pressure, the expected wave of miner capitulation has not yet appeared.

Miner Selling Activity Remains Muted

According to CryptoQuant, outflows from miner wallets have dropped sharply — from 23,000 BTC per day in February to just 6,000 BTC currently. Moreover, there have been no major BTC transfer spikes to exchanges, a typical precursor to mass selling.

Wallets linked to Satoshi-era miners have also remained largely inactive, with just 150 BTC sold in 2025, compared to nearly 10,000 BTC in 2024. This suggests long-term holders are staying put.

Miner Reserves Continue to Climb

In a key signal of conviction, miner-held reserves are growing, implying that most miners are choosing to weather the downturn rather than offload their coins at current price levels — with Bitcoin hovering near local lows.

“This further suggests there’s no selling pressure coming from miners at these price levels,” CryptoQuant concluded.

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Long-Term Strategy Over Panic

The data paints a picture of a mining sector choosing to hold — either in hopes of a near-term rebound or as a deliberate long-term strategy. Even amid falling incentives, most miners appear willing to burn through cash instead of liquidating BTC at unfavorable levels.

As Bitcoin’s network adjusts post-halving, miner behavior remains surprisingly resilient, reinforcing the notion that supply-side pressure is not a concern — at least for now.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.