Over 100% Profit, Zero Sales: What Are Bitcoin Miners Waiting For?
Despite the fact that the price of Bitcoin has more than doubled the cost of its production, miners are in no rush to sell off their assets, as CryptoQuant CEO Ki Young Ju recently noted, drawing attention to the example of Marathon Digital (MARA).
The company is currently mining bitcoins at around $51,700 per coin, while BTC is trading above $105,000. Despite the significant margins, blockchain data suggests that miners are generally choosing to hold on to their holdings rather than sell.
If you look closely at MARA's operating expenses, it's clear that Ju is referring to it. In Q1 2025, the company spent an average of $51,726 to create one BTC. This figure was derived from operational hashrate, not theoretical total power.
Meanwhile, Bitcoin's market value continues to fluctuate significantly above the $100,000 level. That's nearly double the gains, yet selling pressure remains extremely low.
MARA is mining #Bitcoin at around $51k with almost 2x profit, but they and most miners are barely selling. pic.twitter.com/XJ2KIF4z3v
— Ki Young Ju (@ki_young_ju) July 2, 2025
Miners are in no rush to sell, even as revenue from fees and block rewards fell to multi-year lows in June. It doesn’t take a detective to figure out that they are either confident in the long-term prospects or have good reasons to hold on to their investments.
Why?
There are several factors why this could be happening. Large miners could be banking on future price increases, using mined BTC as collateral, or simply being in a stronger financial position after the 2024 halving. The operational hash rate is also increasing, from 6.9 EH/s in early 2023 to 46.1 EH/s in 2025, indicating increased efficiency and capacity — hence less selling pressure.
The main takeaway: Bitcoin miners are not just sellers looking for short-term price spikes, as was previously the case.
In this cycle, they are acting more like long-term investors than quick profit seekers. Mining costs remain stable and market prices are rising. So their confidence will only be tested if margins start to tighten again. For now, they are holding on tight.
Source: cryptonews.net
