{"id":22445,"date":"2025-03-26T17:40:25","date_gmt":"2025-03-26T15:40:25","guid":{"rendered":"https:\/\/forklog.com\/en\/coin-metrics-reports-increased-bitcoin-sales-by-small-miners\/"},"modified":"2025-03-26T17:40:25","modified_gmt":"2025-03-26T15:40:25","slug":"coin-metrics-reports-increased-bitcoin-sales-by-small-miners","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coin-metrics-reports-increased-bitcoin-sales-by-small-miners\/","title":{"rendered":"Coin Metrics Reports Increased Bitcoin Sales by Small Miners"},"content":{"rendered":"<p>In the first quarter of 2025, bitcoin flows to exchanges from large miners remained relatively stable, while sales volumes by smaller industry players steadily increased, according to a report by Coin Metrics.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">New <a href=\"https:\/\/twitter.com\/coinmetrics?ref_src=twsrc%5Etfw\">@Coinmetrics<\/a> State of the Network: Q1 2025 Bitcoin Data Special <br \/>By <a href=\"https:\/\/twitter.com\/TanayVed?ref_src=twsrc%5Etfw\">@TanayVed<\/a><\/p>\n<p>One year post-halving, Bitcoin miners are adapting- but pressure is mounting.<\/p>\n<p>Key insights from this issue: <\/p>\n<p>\u2014 Miner revenues have stabilized (~$3.6B in Q1), but fees still make up just 1.33%<\/p>\n<p>-\u2026 <a href=\"https:\/\/t.co\/Xjlr4SgBsX\">pic.twitter.com\/Xjlr4SgBsX<\/a><\/p>\n<p>\u2014 CoinMetrics.io (@coinmetrics) <a href=\"https:\/\/twitter.com\/coinmetrics\/status\/1904540551912792139?ref_src=twsrc%5Etfw\">March 25, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analysts estimate that the industry has experienced a period of stabilization following the <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-undergoes-fourth-halving\">April 2024 halving<\/a>, having &#8220;adapted to the reduction in block rewards, tighter margins, and changing operational dynamics.&#8221;<\/p>\n<p>Larger-capitalized miners found themselves in a better position. They were able to switch to more efficient equipment and deploy it in regions with cheaper electricity. Some major companies, <a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-bets-on-ai-computing-for-exponential-growth\">such as Core Scientific<\/a>, diversified their business into the highly profitable field of AI computing, noted Coin Metrics experts.<\/p>\n<p>During the quarter, the total revenue of bitcoin miners amounted to a &#8220;healthy&#8221; ~$3.6 billion. However, the share of fees in this figure was only 1.33%.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"573\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/3bcda7a9-6ac4-4df4-927e-e18af32acd3e_1810x1012-1024x573.jpg\" alt=\"3bcda7a9-6ac4-4df4-927e-e18af32acd3e_1810x1012\" class=\"wp-image-255021\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/3bcda7a9-6ac4-4df4-927e-e18af32acd3e_1810x1012-1024x573.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/3bcda7a9-6ac4-4df4-927e-e18af32acd3e_1810x1012-300x168.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/3bcda7a9-6ac4-4df4-927e-e18af32acd3e_1810x1012-768x429.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/3bcda7a9-6ac4-4df4-927e-e18af32acd3e_1810x1012-1536x859.jpg 1536w, https:\/\/forklog.com\/wp-content\/uploads\/3bcda7a9-6ac4-4df4-927e-e18af32acd3e_1810x1012.jpg 1810w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Coin Metrics.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;As block rewards decrease, maintaining incentives for miners in the long term may require larger transactions and increased competition for block space to generate substantial network fee revenue,&#8221; analysts emphasized.<\/p>\n<\/blockquote>\n<p>They also highlighted several trends:<\/p>\n<ul class=\"wp-block-list\">\n<li>Devices from the Chinese manufacturer Bitmain account for up to 76% of the global hash rate, increasing supply chain risks due to geopolitical tensions;<\/li>\n<li>Activity in the low-cost transaction segment is sharply rising, with transactions under $100 in the first cryptocurrency accounting for about 60% of the total;<\/li>\n<li>L2 solutions, such as Lightning Network, <a href=\"https:\/\/forklog.com\/en\/news\/stacks-developers-initiate-nakamoto-upgrade-to-decouple-from-bitcoin\">Stacks<\/a>, and <a href=\"https:\/\/forklog.com\/en\/news\/botanix-labs-launches-testnet-for-bitcoin-based-l2-solution-spiderchain\">Botanix<\/a>, are &#8220;gaining momentum,&#8221; enhancing scalability, opening new use cases, and laying the foundation for a stronger fee market.<\/li>\n<\/ul>\n<p>Earlier, Bernstein analysts <a href=\"https:\/\/forklog.com\/en\/news\/bernstein-lowers-2025-forecasts-for-bitcoin-miners-stocks\">lowered forecasts<\/a> for bitcoin miner stocks for 2025. However, the company announced a <a href=\"https:\/\/forklog.com\/en\/news\/bernstein-predicts-new-bull-market-phase-for-bitcoin\">new phase of the bull market<\/a> for cryptocurrency, driven by initiatives from the administration of U.S. President Donald Trump.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first quarter of 2025, bitcoin flows to exchanges from large miners remained relatively stable, while sales volumes by smaller industry players steadily increased, according to a report by Coin Metrics. New @Coinmetrics State of the Network: Q1 2025 Bitcoin Data Special By @TanayVed One year post-halving, Bitcoin miners are adapting- but pressure is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1394,1137],"class_list":["post-22445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coin-metrics","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"109","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=22445"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22445\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/22444"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=22445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=22445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=22445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}