Regardless that the worth of Bitcoin has greater than doubled their manufacturing prices, miners are usually not promoting their holdings. That’s what Ki Younger Ju, the CEO of CryptoQuant, not too long ago highlighted with the Marathon Digital (MARA) instance.
The corporate proper now’s mining Bitcoin at round $51,700 per coin, whereas BTC is buying and selling above $105,000. Regardless that these margins are huge, on-chain knowledge exhibits miners are principally holding, not promoting.
For those who look intently at MARA’s operational prices, you will notice what Ju means. Within the first quarter of 2025, it price the corporate a median of $51,726 to supply one BTC. The determine was decided utilizing operational hashrate as an alternative of theoretical full capability.
In the meantime, the Bitcoin market value continues to drift effectively over the $100,000 degree. That’s nearly double the revenue and but the stress to promote remains to be actually low.
MARA mines #Bitcoin at round $51K with practically 2x revenue, however they and most miners are barely promoting. pic.twitter.com/XJ2KIF4z3v
— Ki Younger Ju (@ki_young_ju) July 2, 2025
Miners didn’t rush to liquidate even when income from charges and block rewards dropped to multi-year lows again in June. No should be Sherlock Holmes to grasp that they’re both optimistic in regards to the long-term potential or that they’re holding onto their investments for cause.
Why?
There are just a few explanation why this is perhaps occurring. Greater miners is perhaps relying on future value development, utilizing mined BTC as collateral, or simply having a stronger monetary place after the 2024 halving. The operational hash fee has additionally been rising, going from 6.9 EH/s in early 2023 to 46.1 EH/s in 2025, which factors to elevated effectivity and capability — which means there may be much less stress to promote.
The primary take away: Bitcoin miners are usually not simply reactive sellers chasing value spikes, as up to now.
On this cycle, they’re performing extra like long-term contributors than short-term profit-takers. Mining prices are regular, and market costs are going up. Thus, their conviction is perhaps examined provided that margins begin getting tight once more. For now, they’re holding sturdy.
