Cryptocurrency's ambitious aim of $140,000 remains elusive: "At what point do Bitcoin miners express worry?"
In the world of cryptocurrency, Bitcoin continues to dominate the conversation. Despite recent reports suggesting a decline in network activity, the digital gold remains a beacon of interest for miners and investors alike.
One of the key factors supporting miners is the appreciation of Bitcoin itself. Alongside transaction fees, the rising value of Bitcoin provides a significant source of revenue for those involved in its mining. This trend has led to an increase in popularity for Bitcoin treasury companies, such as Strategy MSTR.
Miners are increasingly choosing to hold onto their Bitcoin rather than selling it. This decision is reinforced by the bullish narrative surrounding the cryptocurrency, particularly the rising Stock-to-Flow ratio. AJC, Messari Research Manager, reported an 11% increase in this ratio, which reinforces the scarcity of Bitcoin.
The current Bitcoin network fee revenue is under $500K per day, equating to around $179M annually. However, recent data from 2025 indicates that daily Bitcoin mining revenue could reach around $52.1 million, with fees accounting for a smaller part of this total. Typical withdrawals incur about 0.0002 BTC in fees, which translates to around $5–6 at current prices.
Despite these figures, Bitcoin is currently experiencing a lull in network activity. AJC described the network as a 'ghost town,' but demand for Bitcoin continues apace. This paradoxical situation has raised questions about selling pressure, particularly when large amounts of Bitcoin were observed moving to exchanges like Binance in September. However, this behavior has since cooled, suggesting that miners may be holding onto their Bitcoin for the long term.
The Bitcoin network continues to see rising hash rates, a sign of the mining industry's resilience. This indicates that miners are not under imminent threat despite the falling network activity. The $110k-$112k region is a strong support zone for Bitcoin, providing a floor for its price should it fall.
Meanwhile, the ETF demand indicates that Bitcoin is seen more as a store of value than a settlement network. This shift in perception is reflected in the trend of 60% of Ethereum traders going long, suggesting a bullish sentiment.
As of the latest data, PENGU holders have reached 868K, a testament to the growing interest in Bitcoin and its underlying technology. The future of Bitcoin remains uncertain, but one thing is clear: the digital gold continues to captivate the attention of the financial world.
