Bitcoin Miner Revenues Plunge to 90-Day Low Even as Hashrate Hits a New All-Time High

Bitcoin miners are facing renewed financial pressure as revenues fall to their lowest level in three months, even while the network’s hashrate continues to push into fresh all-time highs. This imbalance places miner profitability in a tightening vise — one that historically precedes forced sell-offs or structural consolidation across the industry.

You can explore more updates and market stories in our dedicated Bitcoin News section.

Miner Revenues Hit a 90-Day Low: A Familiar Danger Zone

Fresh analytics from Glassnode confirm a marked drop in miner revenues, driven by subdued transaction fees and increased competition across the network. Despite Bitcoin holding near key macro levels, miners are earning significantly less BTC per unit of energy, with overall profitability returning to post-halving lows.

The discomfort is palpable: the industry is entering a period where miner cash flow tightens even while operational costs — energy, infrastructure, personnel — remain high. According to recent Bitcoin News reports and historical market behavior, such conditions often lay the groundwork for miner capitulation.

This raises urgent questions for traders and long-term investors:

• How long can miners endure this margin compression?
• Will they begin transferring reserve BTC to exchanges?
• Could this trigger short-term price instability despite long-term bullish sentiment?

Hashrate Breaks Another Record — and Why That’s a Warning

At first glance, a rising hashrate is a sign of confidence in Bitcoin’s long-term trajectory. But an all-time high in global hashrate during a period of falling miner income creates an inverted pressure dynamic: more miners competing for fewer rewards.

Data from Luxor Mining and CryptoQuant’s Miner Outflow Tracker show that mining difficulty continues to climb, meaning miners must expend increasing amounts of energy and capital just to break even.

Historically, prior to major market shifts — including 2021, 2022 and the early stages of the 2024 post-halving period — Bitcoin’s hashrate rose sharply even while revenue per terahash collapsed. These structural misalignments often catalyze:

• Forced liquidation of mining reserves
• Shutdowns of inefficient operations
• Industry consolidation where only industrial-scale miners survive

For traders, hashrate highs during miner stress should not be misread as pure bullishness — they can foreshadow significant repricing events.

For more technical levels and market timing, see our latest Weekly Crypto Price Forecast.

Whale Activity & Market Impact: Are Miners Quietly Selling?

One of the biggest questions now is whether miners will — or already have begun to — offload part of their Bitcoin reserves. Miner sell pressure is unique:

• It adds consistent, daily liquidity to exchanges
• It often coincides with macro uncertainty
• It shifts market psychology faster than whale moves alone

According to recent Bitcoin News and CryptoQuant dashboards, miner outflows have been cautiously rising from major pools. The increase isn’t yet extreme, but the trendline has reversed direction — which historically precedes distribution phases during high-stress cycles.

If sell-offs accelerate, market participants could see:

• Temporary liquidity shocks
• Increased volatility around support levels
• Redistribution from miners to institutional buyers or ETFs

Cross-reference with ETH miners? While Ethereum no longer uses PoW, Bitcoin ↔ Ethereum comparisons help contextualize miner economics. Unlike ETH’s shift to staking, Bitcoin miners must absorb full energy and hardware costs — making downturns sharper and recoveries slower.

Technical Setup & Post-Halving Pressures

This miner squeeze is happening within the broader context of the 2024–2025 post-halving cycle, when Bitcoin’s block reward was cut from 6.25 to 3.125 BTC. Historically, miner revenues always decline sharply during this window — but havehrate normally adjusts downward accordingly.

This time, however, the opposite is happening:

• Difficulty is up
• Hashrate is up
• Miner profitability is down
• Bonus fee levels remain historically low

This mirrors the stress patterns seen during the mining declines of 2018 and 2022, though today’s infrastructure is more industrialized. The most vulnerable operators are located in:

• High-cost electricity regions
• Areas with unstable grid conditions
• Operations reliant on older-generation ASICs

Meanwhile, miners with access to low-cost hydro, flare gas mitigation or renewable energy continue expanding even under adverse conditions, creating a bifurcated mining economy.

Long-Term Outlook & Macro Factors

Over the long run, analysts agree that miner stress — though painful — is a structurally bullish phenomenon for Bitcoin. Weak miners exit, stronger miners expand, and the network becomes more resilient.

However, in the short term, market participants must remain alert. Rising hashrate paired with falling revenue often signifies:

• Approaching miner capitulation
• Increased probability of exchange inflows
• Heightened short-term volatility

As always, the key is to monitor exchange inflow data, difficulty cycles, and on-chain miner balances. These indicators often forecast market shifts earlier than price itself.

For continued updates on structural trends shaping Bitcoin’s macro cycle, visit our Bitcoin News section, where we track miner behavior, whale activity and institutional flows.

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