On June 22, 2025, Bitcoin mining revenue plummeted to $34 million, the lowest since April 2025. This decline is linked to lower transaction fees and Bitcoin's price stagnation. The network's hashrate decreased by 3.5% since June 16, the largest drop since July 2024.
Despite these challenges, miner capitulation hasn't occurred. Outflows from miner wallets are stable, dropping from 23,000 BTC daily in February to about 6,000 BTC currently. Early Bitcoin miners have sold only 150 BTC in 2025, compared to nearly 10,000 BTC in 2024. Addresses holding 100-1,000 BTC have added 4,000 BTC to their reserves since March, reaching levels not seen since November 2024. Miners appear to be holding assets, possibly anticipating a market recovery.