Although the value of Bitcoin has greater than doubled their manufacturing prices, miners aren’t 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 could be mining Bitcoin at round $51,700 per coin, whereas BTC is buying and selling above $105,000. Although these margins are large, on-chain knowledge exhibits miners are largely holding, not promoting.
Should you look intently at MARA’s operational prices, you will note what Ju means. Within the first quarter of 2025, it value the corporate a median of $51,726 to supply one BTC. The determine was decided utilizing operational hashrate as a substitute of theoretical full capability.
In the meantime, the Bitcoin market worth continues to drift nicely over the $100,000 stage. That’s virtually 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 know that they’re both optimistic concerning the long-term potential or that they’re holding onto their investments for cause.
Why?
There are a number of explanation why this is perhaps taking place. Greater miners is perhaps relying on future worth progress, utilizing mined BTC as collateral, or simply having a stronger monetary place after the 2024 halving. The operational hash price 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 may be much less stress to promote.
The principle take away: Bitcoin miners aren’t simply reactive sellers chasing worth spikes, as prior to now.
On this cycle, they’re performing 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 sturdy.
