The Strange Silence of Bitcoin’s Oldest Miners: Are They Up To Something?

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Key points:

  • The miners of bitcoin, enigmatic and stubborn as Russian winters, astonish us again as the price, unblinking, etches its name on the peaks of 2025. 📈

  • The titans of mining horde their treasure, while the ancients – those who remember Satoshi’s shadow – are far stingier with their coin sales than during the storm of 2024. The old guard never liked a yard sale anyway.

  • And yet, miners toil for mere kopecks, or so the research bemoans, making one suspect they do this more for sport than sustenance.

Since April’s thaw, Bitcoin miners have quietly stacked 4,000 BTC beneath their digital floorboards, even as the coin itself soars in fever. One researcher at CryptoQuant, possibly powered by black coffee and existential dread, points to an almost Chekhovian pause in “Satoshi-era” sales.

Miners: “Underpaid Artists” of the Blockchain—But Still HODLing

Miners — those Dickensian figures in the digital mine shafts — clutch their coins, muttering about being “extremely underpaid.” The price sits close to its highest ever, but somehow the universe forgot to tell the miners’ wallets. 😬

CryptoQuant, whose analysts no doubt stare into the abyss nightly, reveals things remain tough: BTC/USD dances near its summit, yet the miners’ daily bread dwindles to crumbs, much like the leftover crusts at a Dostoevsky dinner.

“In recent weeks the miner’s earnings collapsed to a mere $34M on June 22. That’s the lowest since April 20, 2025,” wails the Weekly Report, “because transaction fees waned and Bitcoin itself, in its manic mood, dipped.”

The network’s hashrate, that unnamed protagonist, has slipped 3.5% in the past ten days—a fall more dramatic than a Russian poet’s autumn. This is the largest mining exodus since July 2024, after the infamous halving slashed golden hopes, along with revenue, by half.

And yet, miner sales remain a trickle, not a flood. Miraculous.

“Outflows from miners—once roaring at 23K BTC per day in February—have calmed to a mere 6K,” says the report, presumably with a sigh. “No sign of panic since February. Miners sending coins straight to exchanges? Practically a myth at this point.”

CryptoQuant, in an attempt not to sound too gloomy, suggests maybe the miners’ sturdy 48% operating margin encourages them to practice their own version of Stoicism: HODL, but with more drama.

Miners who clutch between 100 and 1,000 BTC now boast a collective 65,000 coins. That’s 4,000 more since April. It’s their largest stash since the November before last, when the market was as giddy as a Pushkin love letter and the price shattered $73,800 for no reason except, perhaps, inertia.

“Satoshi-era” Miners: Quieter Than a Moscow Library

The oldest miners are rewriting tradition, as if Tolstoy suddenly took up short stories: rather than flooding the market in a bullish frenzy, these crusty veterans now sell with the restraint of a monk in Lent. Even 2024 saw more abandon.

“They’ve sold barely 150 Bitcoin in 2025. Last year? They parted with almost 10,000,” marvels CryptoQuant, no doubt picturing old miners hoarding coins under their blockchain mattresses.

“The ancients would typically sell after a price rally, like farmers after a harvest. It was practically law. But in 2025… silence. You almost expect one of them to write poetry about it.”

Earlier in June, a rare signal arose from the mists—Hash Ribbons, the trusty seismograph of miner mood, flashed its “buy” sign, suggesting capitulation and a possible local bottom, which, in Bitcoin, just means the setup for the next act.

Stay tuned—the miners, like Pasternak’s winter, are unlikely to thaw soon. 🚬

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2025-06-26 14:01