Bitcoin Miners Defy Logic with Low Selling Pressure Despite Revenue Decline

Bitcoin miners are facing a challenging market environment, with revenue declining by three times since last October. Despite trading below its average production cost of $76,500, Bitcoin's current price is around 17% lower at $63,300.

This means it's relatively expensive to mine BTC at current prices, and daily miner revenue (block subsidy plus transaction fees) continues to drop. In fact, since last October, daily Bitcoin miner revenue has decreased from $60M to $20M, a 3X decline.

One might expect miners to offload part of their BTC holdings to fund operations, including electricity bills and other expenses. However, on-chain data suggests that selling pressure from Bitcoin miners remains low.

According to Bitfinex analysts, the miner selling pressure was too weak to raise any concern at the moment. They cited the Puell Multiple (a metric that tracks miner profitability and BTC valuation), which nears 0.7, indicating revenue below its yearly average. The Miners' Position Index at -1.2 shows outflows are subdued.

Interestingly, most of the BTC miner pressure, especially in the first half of 2026, was largely from public players diversifying into AI infrastructure build-outs. For example, MARA sold over 23K BTC worth $1.63B to reduce debt and pivot to AI.