Bitcoin: 3 KEY signs BTC miners are staying strong in 2025

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Key Takeaways

Bitcoin miners are sweating it out in 2025. With profitability metrics like MEI and Puell Multiple flashing warning signs, is there a chance that a capitulation could send Bitcoin spiraling toward $108k?

So, Bitcoin [BTC] has been soaring higher than your hopes for a 2025 vacation, hitting an impressive $124,457 in August. Yet, even with these gains, miners are facing a tough time making ends meet, leading to all kinds of concerns about whether they can keep the operation afloat.

This mismatch between the price rocketship and miner survival struggle has sparked a debate as old as crypto itself: Can mining be profitable? (Spoiler: It’s complicated.)

Profitability Tightrope for Bitcoin Miners

Alphractal’s Joao Wedson, the oracle of mining, says the sector’s in a bit of a “who-knows-what’s-going-to-happen-next” state in 2025, even though BTC is still flying high compared to the glory days of 2017 and 2021.

The relentless rise in prices has turned up the heat on mining companies, and boy, is the pressure on. Miners’ spending is going through the roof, and it’s starting to look like a Netflix show about disaster capitalism.

Amidst all this, the Mining Equilibrium Index (MEI)-the canary in the coal mine for miners’ financial health-hangs out in neutral-to-bullish territory. At 1.06, it’s nowhere near the historical highs of 2.5, but it’s also above the danger zone of 0.5.

When MEI’s above 0.5, it means miners can keep the lights on without having to sell off their precious BTC. But when it hits 1.0, they’re in profit-ville. It’s like their crypto savings account is starting to fill up. But when that MEI drops below, brace yourself-miners will panic-sell, and the price could go down faster than your aunt’s fruitcake at a family dinner.

The big question is: Will miners keep the lights on as costs keep rising, or will they throw in the towel? 🤔

Selling Power? Not Quite Yet!

Now, before you start picturing miners throwing their BTC into the fire (or the exchange), here’s a surprise: they haven’t given up yet.

CryptoQuant’s data reveals that the Miner Selling Power (log-scaled)-essentially the amount of BTC miners are dumping-has been negative in 2025. It’s at a cool -5.57, signaling that miners are holding on tighter than a dog with a bone.

If you’re wondering what negative Miner Selling Power means in plain English: it means miners aren’t flooding the market with Bitcoin. Instead, they’re doing a little strategic selling to cover costs-no panic-selling here! 🧘‍♂️

This restraint has helped to keep the market from crashing faster than a bad 90s web page. So, for now, the selling power remains muted. Big sigh of relief, right?

Why Not Sell, Though? Even With Rising Difficulty?

But hold your horses, because it’s not that miners aren’t tempted to sell; it’s just that they’re not desperate enough to do so. At least, not yet.

Here’s where the Puell Multiple comes in. Currently sitting around 1.1, it tells us that miner revenue is 10% above the 365-day average. That’s like getting a solid B+ on a test you barely studied for. Not great, but good enough to keep you in the game.

This is a healthy environment for miners. They’re not stressed enough to sell off everything they own, but they’re also not swimming in so much cash that they throw a crypto party. They’re just… getting by. Just like us trying to survive Monday morning meetings. 😅

As long as miners can make enough to cover their bills, they won’t be forced into panic sales. They’ll keep the strategic sales rolling in, no fire-sales allowed. 🙌

Can BTC Hold Its Range?

Here’s the clincher: As of AMBCrypto’s analysis, Bitcoin miners are hanging onto their BTC reserves like they’re holding the last slice of pizza at a party. Selling activity has been almost non-existent, and this has helped to shield Bitcoin from any immediate crashes.

As long as miners can keep making money (and not panic-sell), we’re unlikely to see a full-blown capitulation anytime soon. However, if the operational stress grows too much, we could see Bitcoin tumbling down toward $108,000. For now, it’s expected to trade within the $110,000 to $112,000 range.

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2025-09-06 20:19