Even as Bitcoin (BTC) prices soar to more than double miners' production costs, on-chain data reveals a surprising trend: miners are holding onto their BTC rather than selling. CryptoQuant CEO Ki Young Ju recently highlighted Marathon Digital (MARA) as a prime example of this behavior.
Mining Profits vs. Selling Pressure: The Current Landscape
- Production Cost: MARA’s Q1 2025 operational data shows an average cost of $51,726 per Bitcoin mined, calculated using actual hashrate rather than theoretical capacity.
- Market Price: BTC trades above $105,000, offering miners ~103% profit margins.
- Historical Context: Despite such high profitability, miner selling pressure remains exceptionally low compared to past bull cycles.
"MARA mines Bitcoin at around $51K with nearly 2x profit, but they and most miners are barely selling."
— Ki Young Ju, CryptoQuant (July 2025)
Why Are Miners Holding Their Bitcoin?
- Long-Term Optimism: Miners may anticipate further price appreciation, treating BTC as a strategic reserve.
- Financial Resilience: Post-2024 halving efficiency gains (hashrate grew from 6.9 EH/s in 2023 to 46.1 EH/s in 2025) reduce immediate liquidity needs.
- Collateralization: Some miners use mined BTC as collateral for loans or institutional agreements, delaying sales.
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The Bigger Picture: A Shift in Miner Behavior
Unlike previous cycles—where miners sold aggressively during price spikes—today’s miners resemble long-term investors. With stable operational costs and rising BTC valuations, their conviction suggests confidence in sustained upward momentum.
Key Takeaways
- Miners are not panic-selling despite record-high profit margins.
- Institutional strategies (e.g., collateralization) and improved efficiency play pivotal roles.
- The trend underscores strong bullish sentiment among major mining operators.
FAQs
Q: Why aren’t miners selling Bitcoin at 100%+ profits?
A: Many are betting on higher future prices, using BTC as collateral, or benefiting from lower post-halving operational costs.
Q: How does hashrate growth impact miner behavior?
A: Higher efficiency reduces the need for immediate sales, allowing miners to accumulate reserves.
Q: Could this change if BTC prices drop sharply?
A: Yes. If profit margins shrink significantly, miners might resume selling to cover expenses.
👉 Explore Bitcoin mining strategies for 2025
Conclusion
Bitcoin miners are rewriting the playbook—prioritizing long-term accumulation over short-term gains. With production costs steady and prices climbing, their holding strategy reflects deepening institutional maturity in the crypto ecosystem.
For real-time insights on mining trends, follow trusted analytics platforms like CryptoQuant.
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