Bitcoin miners have moved out of an earlier pressure zone, with hash rate, revenue and selling pressure all showing improvement, according to CryptoQuant’s latest analysis cited by BlockBeats on Oct. 8.
Hash rate rebounds as drawdown narrows
CryptoQuant said Bitcoin’s network hash rate rose from 899 EH/s on July 31 to 962 EH/s at present. Over the same stretch, the hash rate drawdown narrowed from 18% on July 28 to 13%.
The firm attributed the recovery in hash rate to Bitcoin’s price gains.
Price recovery lifts miner revenue
Bitcoin bottomed at $58,000 in July and has since rebounded about 45% to above $83,000, the analysis said. As the price recovered, miners’ total daily revenue, including block subsidies and transaction fees, increased from $27 million to $48 million, a 78% gain.
Fee income also improved. Daily transaction fees, measured on a seven-day average basis, rose from $195,000 to $275,000. CryptoQuant said fees remain much smaller than block subsidies, but still helped support the recovery in miner income.
The report added that miner profitability has shifted into a new range.
Miner profitability moves to a “fairly paid” state
Since Bitcoin reached $76,000 on Aug. 21, miners have moved from the “extremely underpaid” condition seen from May through August into a “fairly paid” state, according to CryptoQuant.
Sell pressure eases
CryptoQuant also said miner sell pressure has eased. Since Aug. 21, the market has not seen another episode of extreme miner outflows.
Recent outflows from Satoshi-era miners were also lower than at the start of the year. September outflows were about 600 BTC, roughly one-third of the approximately 2,000 BTC recorded in January.
Addresses holding 100 to 1,000 BTC, described in the report as large miner addresses, have kept their aggregate balance stable at around 51,000 BTC since early September. That followed a 20% decline from 64,000 BTC in December 2025, after which the balance stopped falling and stabilized.