As you can tell, it’s a harsh world for Bitcoin miners these days. Revenues are down, the halving really bit, and Bitcoin’s having a hard time breaking through that $112,000 ceiling. Photo by Jim Allen/FreightWaves You may be ready to freak out right now. But here's the thing: the smart money, the miner money, is HODLing. And that’s an important signal for where we’re going in 2025.

HODLing Shows Long-Term Faith

Miners aren't stupid. They’re just running sophisticated operations, making sense of competitive and market trends and making smart bets. They’re continuing to accumulate Bitcoin even as daily revenues fell to just $34 million on June 22nd, a low not seen since April 20th. This decision reflects their clear and unequivocal commitment to the idea that prices have already been determined to explode considerably higher. It’s a wager on future adoption, on Bitcoin’s symbolic, eventual place in a less centralized, fairer financial system. Imagine that – they’re not just stacking coins, they’re stacking a free and open blockchain-based version of the future.

Community Strength Amidst Adversity

This isn’t all down to individual miners trying to maximize profits. It’s about community. Whether you love it or hate it, the Bitcoin network is a global cooperative effort, and miners are the first line of its defenders. By HODLing, they're demonstrating solidarity, contributing to the network's stability during a period of volatility. That’s a super inspiring and powerful act of faith in the shared vision behind decentralization and self-sovereignty. They’re all in this together, and they’re in it for the long haul. That's the spirit that builds a revolution.

Miners Are Rationally Optimistic Still

Even with this revenue drop, miners are able to enjoy a 48% NUPL operating margin. This cushion gives them the breathing room to HODL through the downturn, knowing that the potential upside far outweighs the short-term pain. It's a testament to their resilience and their understanding of Bitcoin's long-term value proposition. They've seen this movie before, and they know how it ends: with Bitcoin stronger than ever. So don’t just call me up an optimist, it’s not about blind optimism, this is a reasonable expectation.

Big Miners Are Building Up Reserves

Look at the data: large miners (addresses holding 100-1,000 BTC) are increasing their Bitcoin reserves. They’ve increased from 61,000 BTC on March 31st to 65,000 BTC today – back to its highest level since November of last year. These investors are no amateurs. They are serious players who are preparing for what they believe is an imminent bull run. This is akin to the smart money quietly loading into new assets ahead of a big announcement. Pay attention.

Satoshi-Era Miners' Wisdom

The original gangsta miners, the ones who’ve been in it since the very beginning, they know what’s up. They've seen Bitcoin through its wildest swings, and they're not easily shaken. This year, they’ve sold a pitiful 150 BTC, as opposed to ~10,000 BTC in the previous year. Their restraint speaks volumes. They know the promise of Bitcoin is not yet fully realized. It’s like the seasoned investor who holds onto a blue-chip stock through thick and thin, knowing that its long-term value will continue to appreciate.

It doesn’t mean this is the time to be afraid. This is our moment to focus and teach. See what you can do with Bitcoin to build a better financial future! Bitcoin is more than an opportunity to make a quick dollar, it’s an opportunity to empower individuals and create a more inclusive, fair, and prosperous financial system.

Bitcoin, with its limited supply and decentralized nature, has the potential to redistribute wealth and challenge the power of centralized institutions. Imagine the benefit to the communities that have been left behind by formal financial systems for generations. For them, Bitcoin is not merely a speculative investment opportunity, it is a lifeline — a currency of financial inclusion and self-determination.

Miners HODLing isn’t necessarily a bullish signal for Bitcoin’s price. That’s a bullish signal for a future where finance is more inclusive, more democratic, and more empowering to all of us. It’s a message of hope that the community is right to think that Bitcoin will help to cure inequality, liberate humanity and make individuals powerful. It's time to join them.

This is more than an investment in streets. It’s a movement. The miners are leading the way. Let’s take a cue from them and help pave the way to a stronger future, one Bitcoin at a time.

Take Action:

  • Learn More: Dive deeper into Bitcoin and blockchain technology. There are tons of resources available online.
  • Consider Investing: Start small and invest responsibly. Only invest what you can afford to lose.
  • Join the Community: Connect with other Bitcoin enthusiasts and contribute to the ecosystem.

This is more than just an investment; it's a movement. And the miners are leading the way. Let's follow their lead and build a better future, one Bitcoin at a time.