Worst Nightmare of Bitcoin Miners Comes True, Here’s What Happened

On-chain data aggregator CryptoQuant spreads the word about a massive decline in profits faced by Bitcoin miners in June.

According to a recently published X post, “Bitcoin miners just saw their worst payday in a year.”

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Data shows that BTC miners’ daily revenue has crashed to $34 million this month, hitting the lowest level since April. This decline was driven by the 50% fee reduction and the recent 15% Bitcoin price drop, the two crucial metrics that Bitcoin miner revenue is strongly correlated with.

Besides, the chart shared by CryptoQuant suggests that, currently, Bitcoin miners are facing the worst profitability since July 2022.

Bitcoin tests $108,000, but here’s what whales up to

Meanwhile, the global flagship cryptocurrency, Bitcoin, is striving to break through the $108,000 resistance level. While it is doing that, crypto whales are showing mixed behavior which, according to a recent Glassnode report, “shows no unified cohort behavior.”

Smaller whales, holding 1-10 Bitcoins, keep redistributing their crypto holdings, while bigger wallets, which own 10-100 BTC, are the main accumulators of Bitcoin at the moment, the report says. Overall, the Accumulation Trend Score has rebounded from 0.25 to 0.57.