Miners Buck the Trend: Revenue Plunges, But BTC Sales Remain Low

Bitcoin miners are facing a significant revenue decline, but surprisingly, they're not selling their BTC holdings to fund operations. In fact, on-chain data shows that miner selling pressure remains low despite falling revenue and a distressed market.

According to Coinglass, daily Bitcoin miner revenue has dropped by 3X since last October, from $60M to $20M. Meanwhile, the current BTC price of $63,300 is around 17% below its average mining cost of $76,500.

Bitfinex analysts point out that the Puell Multiple (a metric tracking miner profitability and BTC valuation) is near 0.7, indicating revenue below its yearly average. The Miners' Position Index at -1.2 shows subdued outflows.

Interestingly, most public miners have recorded relatively higher stock price performance compared to BTC, with the CoinShares Bitcoin Mining ETF (WGMI) posting a 20% profit on a year-to-date basis. Over the same period, Bitcoin has lost nearly 30%.