June has been brutal for Bitcoin miners.
New on-chain data from CryptoQuant shows that miner revenue has dropped to just $34 million a day, the lowest since April. It’s the weakest miners have seen in more than a year – and one of the worst stretches since July 2022.
“Bitcoin miners just saw their worst payday in a year,” CryptoQuant said in a post on X.
For an industry that runs on thin margins and constant pressure, that’s a big red flag.
Two key factors are behind this sharp drop in miner income.
First, Bitcoin’s transaction fees have fallen by 50%, cutting into what miners earn on top of block rewards. Second, Bitcoin’s price itself has dropped around 15%, which directly impacts miner revenue.
When both fees and price take a hit, miners feel it fast. That’s exactly what we’re seeing now and it’s pushing profits close to their lowest point in two years.
Margins are tight, rewards are down, and the pressure is building. If this continues, some miners may be forced to scale down or shut off rigs until things improve.
While miners are struggling, Bitcoin’s biggest holders, the whales, are showing mixed signals.
According to Glassnode, there’s no clear pattern among whale wallets right now. Smaller whales, those holding 1 to 10 BTC, are redistributing their coins, possibly locking in profits or shifting strategies. But larger wallets holding 10 to 100 BTC are accumulating instead.
That contrast is important. Bigger whales buying usually signals confidence and that might explain why Bitcoin is trying to break above $108,000, a level it’s been testing recently.
Glassnode’s Accumulation Trend Score supports this, rising from 0.25 to 0.57 – showing a noticeable uptick in accumulation by these mid-sized whale wallets.
Right now, the market’s split. Miners are under pressure, but whales are stepping in.
If Bitcoin can hold above $108K, it could ease some of the stress on miners and validate the recent accumulation. But if the price drops further, things could get worse before they get better.
Either way, this is a moment to watch closely. The choices miners and whales make now could set the tone for what’s next in this cycle.
While a prolonged squeeze might lead some less efficient miners to shut down, Bitcoin’s difficulty adjustment mechanism ensures network security remains robust. The difficulty will adjust downwards, making it easier for remaining miners to find blocks.
Large whales often have longer-term investment horizons and may be accumulating in anticipation of future price increases, signaling confidence. Smaller whales might be taking profits or shifting strategies due to short-term market volatility or uncertainty.
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