{"id":462011,"date":"2026-07-18T22:23:40","date_gmt":"2026-07-18T19:23:44","guid":{"rendered":"http:\/\/sitedemo.beget.tech\/559\/bitcoin-miner-reserves-increase-1-despite-operational-pressure-why\/"},"modified":"2026-07-18T22:23:40","modified_gmt":"2026-07-18T19:23:44","slug":"bitcoin-miner-reserves-increase-1-despite-operational-pressure-why","status":"publish","type":"post","link":"http:\/\/sitedemo.beget.tech\/559\/bitcoin-miner-reserves-increase-1-despite-operational-pressure-why\/","title":{"rendered":"Bitcoin miner reserves increase 1% despite operational pressure \u2013 Why?"},"content":{"rendered":"

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Bitcoin [$BTC<\/span>] traded toward the $65,000 price level, having gained over 3% in the past 24 hours. The hash rate, on the other hand, is declining as Bitcoin miners continue moving into AI infrastructure.<\/p>\n

How will the mining economics affect the current and future prices of Bitcoin?<\/p>\n

Bitcoin miner revenue stressed as hash rate declines<\/h2>\n

Looking at the Puell Multiple, $BTC<\/span> miner stress is building, but miners remain adamant about selling.<\/p>\n

The Puell Multiple has slipped below the 1 mark, with the reading at 0.71, slightly above the accumulation zone. Historically, the accumulation zone marks a tight revenue stress for miners, as it reflects the supply side of the Bitcoin economy.<\/p>\n

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Source: CoinGlass <\/p>\n

Moreover, Hash Ribbons have printed yet another capitulation band as hashrate fades from its peak. Over the past year, hashrate has dropped from 1,106,922,137 TH\/s last November to 995,460,294 TH\/s.<\/p>\n

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Source: Blockchain.com\/charts <\/p>\n

Furthermore, Bitcoin mining difficulty has dropped another 5% to 127.17T, which is nearly 17% below the peak of 148.26T seen at the beginning of the year. This indicates miners are getting relief, but it does reduce the network\u2019s security.<\/p>\n

With difficulty reducing, a solo miner found a Bitcoin block and earned a full 3.1382 $BTC<\/span> reward worth about $200K. This was somehow luck, as the probability of finding a block with 1 TH\/s was roughly 1 in 16,000 years.<\/p>\n

Miner reserve flows ticking up\u2026accumulation underway?<\/h2>\n

With that in mind, miner flows were ticking up as per CryptoQuant. That is, inflows outweighed outflows, though by a small margin.<\/p>\n

The data showed miner reserves held 1.1943 million $BTC<\/span>, equivalent to $76.76 billion. This was a 1% increase, representing a net flow of more than 224 $BTC<\/span>. This data shows accumulation, as $BTC<\/span> is currently undervalued.<\/p>\n

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Source: CryptoQuant <\/p>\n

From the data, it is clear that miners\u2019 wallets are full and distribution has not yet started. The data indicates a supply overhang that is yet to be triggered.<\/p>\n

Looking ahead, if miner reserves start bleeding while The Puell Multiple stays depressed, there will be forced selling.<\/p>\n

How $BTC<\/span> be affected?<\/h2>\n

But since the reserves are not bleeding, the price of $BTC<\/span> is showing signs of recovery. It has broken above the neckline of an inverted head-and-shoulders pattern, but the signal is only valid if it can stay above it.<\/p>\n

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Source: $BTC<\/span>\/USD on TradingView <\/p>\n

Otherwise, a break below the neckline alongside miner selling would exert more pressure, curtailing the little recovery seen.<\/p>\n

Final Summary<\/h2>\n