Bitcoin News
By Sakamoto Nashi
1 / 15
Bitcoin’s network might be humming near $107,000, but under the surface, miners are navigating one of their most difficult periods in more than a decade.
2 / 15
This paradox is setting the stage for a critical moment in Bitcoin’s price trajectory. As miners choose to hold rather than offload their reserves, the market is left wondering:…
3 / 15
According to data from Alphractal, there are three key reasons why miner profitability has plunged:
4 / 15
Bitcoin network fees are at a 12-year low. Total transaction fees paid to miners have dropped significantly due to lower on-chain activity, directly reducing one of their main…
5 / 15
The Hash Rate is falling, but network difficulty remains high. Normally, as fewer machines contribute to the network, difficulty adjusts downward.
6 / 15
Volatile hash rate creates instability. Many large mining firms are reportedly shutting down inefficient ASIC machines, which contributes to a fluctuating hash rate—another…
7 / 15
These factors have combined to compress margins to their tightest levels in years. Despite high BTC prices, miners are earning significantly less from network participation than…
8 / 15
Miners Refuse to Sell Despite the Pressure
9 / 15
One of the most surprising developments is that, despite worsening conditions, Bitcoin miners are not rushing to liquidate their holdings.
10 / 15
Historically, miners have sold into rising prices or during periods of heavy network activity to secure profits.
11 / 15
The answer lies in the Puell Multiple, a popular metric used to assess miner profitability. Currently at 1.
12 / 15
Miners holding rather than selling is generally a bullish sign for Bitcoin. It reduces sell-side pressure and gives the asset room to climb higher without facing major resistance…
13 / 15
If this trend continues, Bitcoin could gradually push through its consolidation zone and make a move toward $109,000.
14 / 15
However, the situation remains fragile. If mining economics continue to deteriorate—perhaps due to persistently low on-chain activity or rising operational costs—miners may have…
15 / 15
This cycle is proving different in more ways than one. In previous years, miners were seen as reactive sellers, often accused of contributing to price volatility.
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