Miners are talking without words, and here’s what they say

The Bitcoin market is flat. It’s like that office meeting where everyone’s staring at their screens, waiting for the boss to say something, but nobody’s quite sure what’s coming next. Prices are hanging tough, but the energy?

Flat. One wrong move, and Bitcoin could wipe out all its hard-earned gains from May, tumbling back below that six-figure level.

Hard business

Now, while the market’s stuck in this awkward limbo, there’s a group sitting pretty, miners. These guys?

They’re running the show behind the scenes, and their profit margins are fat, juicy even. Why?

Because their costs to mine Bitcoin are way below the current price, giving them a nice cushion most traders can only dream of.

After the halving last year, miners’ rewards got sliced in half, from 6.25 BTC down to 3.125 BTC per block.

Imagine working the same grind but getting paid half. The cost to mine didn’t drop a dime, but their paychecks did.

Suddenly, mining costs shot up to around $90,000 per Bitcoin, while Bitcoin itself was stubbornly stuck near $60k.

That’s like trying to run your office coffee machine on a budget while the price of beans doubles overnight. Not fun.

Fruit of labor

What usually happens next? Miners start burning through their reserves, the market dips, and miner revenues start bleeding.

It’s a classic playbook, when profits shrink, miners get jittery and start selling off their stash to keep the lights on. That’s the miner capitulation phase, and it’s a big deal.

Fast forward to now, a year after that halving, and the average mining cost is still around $91,105 per Bitcoin.

But Bitcoin’s been stuck in a tight range between $103k and $105k. May 2025 wasn’t too shabby though, Bitcoin posted a double digits return, even hitting a fresh ATH. But guess who pocketed the biggest slice?

The miners. They raked in $1.52 billion in revenue that month, including $20 million from on-chain fees alone. Fruit of labor, you see.

First rule of Bitcoin is you never sell your Bitcoin?

But be careful, the Miner’s Position Index, a fancy way to track miner behavior, just flipped above zero. That’s a red flag, guys.

It means some miners might already be moving coins to exchanges, possibly gearing up to sell.

Historically, when miners start dumping, it’s often a prelude to capitulation, when the market takes a dip.

So right now Bitcoin’s sitting on a knife-edge. If it slips out of its current range, miners could start cashing out while their margins are still juicy.

That move? It could be the spark that sets off the next wave of volatility.

Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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