Bitcoin miners suffer at 12-year low – But why aren’t they selling?

If revenue keeps falling will miners finally break and start selling?

• Bitcoin Total Fees hit a 12-year low, weighing heavily on miner profitability.
• Puell Multiple at 1.2 suggested miners earn 20% above long-term averages.

With Bitcoin [BTC] hovering near $107k, both short-term and long-term holders remain comfortably in profit.

But miners? They’re grinding through one of their toughest cycles in over a decade.