Analysis: Bitcoin miners emerge from the pressure zone, with hash rate and revenue rising in tandem, and selling pressure easing significantly.

CryptoQuant’s latest analysis shows Bitcoin miners have emerged from their earlier pressure zone. The network’s hash rate has rebounded from 899 EH/s on July 31 to the current 962 EH/s, with the pullback narrowed from 18% on July 28 to 13%. This hash rate recovery is driven by Bitcoin’s price rally: after hitting a bottom of $58,000 in July, Bitcoin has bounced roughly 45% to over $83,000. Over the same period, miners’ total daily revenue (block rewards plus transaction fees) has risen from $27 million to $48 million, a 78% jump. The 7-day average daily transaction fees have also recovered from $195,000 to $275,000; while still far smaller than block rewards, they further support the recovery in miner income. Miner profitability has shifted to a new range. Since Bitcoin hit $76,000 on August 21, miners have moved from a state of “extreme under-reward” between May and August to “reasonable reward”. Selling pressure has eased in tandem: no extreme miner outflows have been recorded since August 21. The latest outflows from Satoshi-era miners (around 600 BTC in September) are only about one-third of the January figure (around 2,000 BTC). The total balance of large miner addresses holding 100 to 1,000 BTC has stabilized at roughly 51,000 BTC since early September, after halting its decline following a 20% drop from 64,000 BTC in December 2025.