Bitcoin Miners Earn Record $1.52B in May 2025
Key Takeaways
- Bitcoin miners generated revenues of USD 1.52 billion in May 2025 – the highest level since the halving in April 2024.
- The current production cost per Bitcoin is around USD 91,000, while the market price fluctuates between USD 103,000 and USD 105,000.
- Early indicators suggest some miners are beginning to sell their holdings – a potential sign of upcoming market volatility.
Strong Revenues Despite High Costs
Following the Bitcoin halving in April 2024, the economic landscape for miners has changed significantly. The block reward was reduced from 6.25 to 3.125 Bitcoin. In other words: operating costs remain the same, but earnings per mined block have been halved. As a result, the average production cost per Bitcoin rose to approximately USD 90,000 by the end of April.
Despite these pressures, miners were able to record all-time high revenues in May 2025. According to data from The Block, they generated USD 1.52 billion – including USD 20 million from on-chain transaction fees alone. This indicates that the current market environment is favourable for miners, as long as the Bitcoin price remains above their production costs.
Why Miner Activity Matters
Miners are a central component of the Bitcoin ecosystem. Their behaviour can offer insight into upcoming market movements. One key indicator is the Miner’s Position Index (MPI), which measures whether miners are transferring their coins to exchanges – a potential signal of selling intentions.
Currently, the MPI is back above zero. This means some miners are moving their Bitcoin to trading platforms. Historically, this has often preceded larger waves of selling – particularly when the Bitcoin price is close to production costs. In such phases, miners often lock in profits before their margins shrink further.
Market in Limbo
The Bitcoin price is currently trading within a narrow range between USD 103,000 and USD 105,000. While BTC posted an 11.12% gain in May and reached a new all-time high, momentum remains weak. Market uncertainty is palpable – a drop below the USD 100,000 mark would not be surprising.
At the same time, miners are sitting on substantial profits. Should the price fall below production costs, many may sell quickly to maintain profitability. This, in turn, could trigger a chain reaction and put pressure on the market.
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What You Should Watch Now
If you hold Bitcoin or are considering investing, it’s worth keeping a close eye on miner activity. Pay attention to the following:
- Changes in the Miner’s Position Index (MPI)
- Large Bitcoin inflows to exchanges
- Trends in production costs compared to market price
These signals can provide early indications of potential price movements – both upward and downward.
Our Assessment
The current state of the Bitcoin market is tense. While the price remains high, miners are seeing record profits. However, the balance is fragile. If production costs continue to approach the market price, selling pressure could build – especially from miners.
In the short term, caution is advised. Investors should keep a close eye on miner activity. It could be the key to anticipating the next moves in the Bitcoin market.
Sources
- The Block
- MacroMicro
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