Bitcoin Miners Hold Steady Despite Halving Phenomenon: Unpacking the Reasons

Key Points

• Bitcoin miners are holding onto their coins post-halving, indicating strong confidence in future price increases.
• Stable reserves and a moderate Puell Multiple suggest minimal sell pressure despite reduced block rewards.

Bitcoin Miners Resist Selling Post-Halving

Bitcoin [BTC] miners, who usually react first to market price changes, have remained unusually calm following the halving event. Despite the reduction of daily block rewards to 3.125 BTC, miners are not selling their holdings to cover costs as would be typically expected.

On-chain data reveals that reserves are stable and selling pressure is low, contradicting expectations. This unusual calmness suggests that miners have strong confidence in Bitcoin ‘s future price increases.

Why Are Miners Holding?

Mining comes with significant costs including electricity, hardware maintenance, and staffing. To cover these expenses, miners often sell their BTC during periods of market strength. However, the recent post-halving squeeze has not resulted in mass selling. Instead, miners are choosing to hold onto their coins.

This change in behavior suggests that miners are waiting for prices to rise significantly before selling. They do not view the current price levels as attractive exit points.

Stable Reserve Data

Data shows a remarkably steady trend in Bitcoin miner reserves. From 1,808,315 BTC on the 25th of December 2024, to 1,808,674 BTC on the 3rd of May 2025, reserves have changed by less than 0.02%. This indicates that miners are not actively distributing coins into the market, despite economic incentives to do so.

In previous cycles, such stability has often been followed by major price advances. This suggests that miners are not in a hurry to exit and may be anticipating the next bullish leg.

Puell Multiple Data

The Puell Multiple, which compares daily mining revenue in USD to the 365-day average, is at a moderate level. High readings often coincide with market tops and heavy miner selling. The current mid-range value suggests that miners are neither under stress nor overly euphoric and are content to wait.

Historically, when the Puell Multiple is calm and reserves are steady, the market has room to grow before hitting a peak. At present, Bitcoin miners are behaving more like long-term investors than forced sellers. As long as they hold, Bitcoin’s upside remains intact.