CryptoQuant: Bitcoin Miners Sell $1.12B in BTC Amid Rising Costs and Market Pressure

Bitcoin miners, the backbone of the world's largest cryptocurrency network, are selling more of their Bitcoin (BTC) holdings to cover operational expenses. According to a recent report by CryptoQuant, on April 7, 2025, miners transferred 15,000 BTC—valued at roughly $1.12 billion at low price as $75,161 on April 7—to exchanges, marking the third-highest daily outflow of 2025. This uptick in sales coincides with Bitcoin's price stabilizing below $90,000 recently, alongside record-high mining difficulty and lower transaction fees, which are putting pressure on miners' profitability.

Bitcoin's price, currently at $83,700 as of April 16, per CoinGecko, has remained range-bound after failing to reclaim its late-2024 high of $109,000. Meanwhile, according to CoinWarz, the Bitcoin network's hash rate reached a new peak of 1,093 exahashes per second (EH/s) on April 13, 2025, increasing mining difficulty and requiring miners to allocate more resources to earn rewards.

Additionally, transaction fees, a key revenue stream, have also declined, with CryptoQuant noting that miners' average operating margins have contracted from 53% in January 2025 to 33% today.

CryptoQuant's Bitcoin miner reserve data further illustrates the financial strain. Despite BTC’s price appreciation throughout 2024, miner reserves have steadily declined. In Q1 2025, reserves fell from 1.812 million to 1.809 million BTC, signaling that miners are selling to cover costs such as electricity and equipment maintenance.

The rise in BTC sales underscores the economic realities of Bitcoin mining in 2025. Some miners are pivoting to alternative revenue sources to offset losses. For instance, Bitfarms has explored AI computing and high-performance computing (HPC), as reported by Decrypt in March.

Increased BTC sales during market uncertainty are not new. CryptoQuant reported a spike in miner outflows in August 2024, when Bitcoin's price briefly dipped to $49,000. On August 5, 2024, daily miner outflows reached 19,000 BTC—the highest since March 18, 2024—resulting in a realized loss of $22 million, the largest daily loss since May 29, 2024. These sales often coincide with "miner capitulation," where less efficient miners liquidate holdings or shut down, sometimes foreshadowing price stabilization.

CryptoQuant's August 2024 report noted, "We may have seen a miner capitulation event." Following this, Bitcoin's price bottomed at approximately $53,000 in early September 2024 before recovering significantly. Partly driven by market optimism surrounding the U.S. presidential election, by late 2024, BTC reached a new all-time high of $109,000, though recent volatility has kept it below $90,000.

While the current sales are notable, as increased miner sales add supply to the market, potentially capping short-term price gains, historical trends offer optimism. Periods of heavy selling have often preceded price recoveries. The reduced selling pressure could support a price rebound particularly when institutional or retail demand strengthens.

A reminder to all: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risks. Always conduct your own research before investing.