Analysis: Bitcoin miners emerge from stress zone, hashrate and revenue rebound in tandem, selling pressure eases notably

October 8 - CryptoQuant's latest analysis shows that Bitcoin miners have emerged from their previous stress zone. Network hashrate has rebounded from 899 EH/s on July 31 to the current 962 EH/s, with the drawdown narrowing from 18% on July 28 to 13%. The hashrate recovery was driven by the rise in Bitcoin's price. After bottoming out at $58,000 in July, Bitcoin has rebounded approximately 45% to above $83,000. Miners' daily total revenue (block subsidy plus fees) rose from $27 million to $48 million over the same period, an increase of 78%; daily transaction fees (7-day average) recovered from $195,000 to $275,000. Although still far smaller than block subsidies, they further support revenue recovery.

Miner profitability has shifted ranges. Since Bitcoin reached $76,000 on August 21, miners have moved from an "extremely underpaid" state between May and August to "reasonably paid." Selling pressure has also eased in tandem, with no extreme miner outflows since August 21. The latest outflow from Satoshi-era miners (approximately 600 BTC in September) was only about one-third of that in January (approximately 2,000 BTC). Large miner addresses holding 100 to 1,000 BTC have seen their total balance stabilize at approximately 51,000 BTC since early September, after previously declining 20% from 64,000 BTC in December 2025 and now halting the decline.