Despite the fact that the value 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, lately 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. Despite the fact that these margins are huge, on-chain information exhibits miners are principally holding, not promoting.
If you happen to look carefully at MARA’s operational prices, you will notice what Ju means. Within the first quarter of 2025, it value the corporate a mean of $51,726 to provide one BTC. The determine was decided utilizing operational hashrate as an alternative of theoretical full capability.
In the meantime, the Bitcoin market worth continues to drift nicely over the $100,000 stage. That’s nearly double the revenue and but the stress to promote remains to be actually low.
MARA mines #Bitcoin at round $51K with almost 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 must be Sherlock Holmes to know that they’re both optimistic concerning the long-term potential or that they’re holding onto their investments for a very good motive.
Why?
There are just a few the reason why this is perhaps occurring. Larger miners is perhaps relying on future worth development, utilizing mined BTC as collateral, or simply having a stronger monetary place after the 2024 halving. The operational hash charge 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 — that means there’s much less stress to promote.
The primary take away: Bitcoin miners are usually not simply reactive sellers chasing worth spikes, as previously.
On this cycle, they’re appearing extra like long-term members 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 robust.
