Bitcoin Miners Resist Selling Amid Financial Challenges

Bitcoin miners have been surprisingly resilient in the face of financial challenges, holding steady despite the current price of BTC being about 17% below its average cost to mine. This has resulted in a significant drop in daily miner revenue, from $60M to $20M since last October.

According to on-chain data, miners have been showing low selling pressure, indicating that they are not rushing to sell their Bitcoin holdings despite the financial strain. This stability may be linked to some miners diversifying into AI infrastructure, which has also caused a 17% drop in Bitcoin's hash rate.

Meanwhile, public Bitcoin mining stocks have outperformed Bitcoin itself, gaining 20% year-to-date compared to Bitcoin's nearly 30% loss. This is likely due to their AI-related business pivots, which are helping them navigate the current market conditions.