Bitcoin miners face 3x revenue decline – So why aren’t they selling?

Bitcoin miners are surprisingly resilient despite the BTC trading below its $76,500 average production cost. At press time, BTC traded at $63,300, around 17% below its average mining cost.

In other words, it’s relatively expensive to mine BTC at current prices.

On top of higher production costs, daily miner revenue (block subsidy plus transaction fees) continues to decline. Since last October, daily Bitcoin miner revenue has dropped by 3X, from $60M to $20M. 

In such a depressed market, miners tend to offload part of their BTC holdings to fund operations, including electricity bills and other expenses. However, on-chain data paints a totally different picture. 

Selling pressure from Bitcoin miners remains low

According to Bitfinex analysts, the miner selling pressure was too weak to raise any concern at the moment. Citing Puell Multiple (a metric that tracks miner profitability and BTC valuation), the analysts added, 

The Puell Multiple near 0.7 puts revenue below its yearly average. The Miners’ Position Index at -1.2 shows outflows are subdued.

Bitfinex concluded that 

At current prices, $BTC miner revenue is below average, but miners are not selling aggressively. Weaker revenue, without matching miner selling.

Worth noting that most of BTC miner pressure, especially in the first half of 2026, was largely from public players diversifying into AI infrastructure build-outs.

MARA, for example, sold over 23K BTC worth $1.63B to reduce debt and pivot to AI. 

In fact, the AI pivot is largely responsible for the 17% drop in hash rate as miners redirect some of the computational power to AI data centers. 

Why did Bitcoin miner stocks beat BTC?

Interestingly, the broader public miners have recorded relatively higher stock price performance compared to BTC. 

Notably, CoinShares Bitcoin Mining ETF (WGMI) has posted a 20% profit on a year-to-date (YTD) basis. Over the same period, Bitcoin [BTC] has lost nearly 30%. The divergence is due to most public BTC miners now being considered AI players, not just crypto miners. 

Overall, the miner sell-off has weakened despite the rising cost of mining BTC and the persistent decline in revenue. It was unclear whether the resilience was due to the AI diversification by some miners.  

Final Summary

• Bitcoin miners’ selling pressure has remained muted despite falling revenue and a distressed market 
• Bitcoin miner stocks have outperformed BTC by 50% on a YTD basis