Bitcoin miners spent much of the 2026 summer selling coins to cover operating costs, and the on-chain record now shows that supply channel narrowing. A weekly report from on-chain analytics firm CryptoQuant, dated October 8, finds that mining profitability has improved, with daily miner revenue reaching $48 million.

The report, first published by COINOTAG on October 9, 2026, indicates that the supply channel through which miners distribute coins to the market has narrowed, marking a shift after months of sustained sales by mining operations seeking to fund electricity, hardware, and hosting expenses.

Miner revenue is composed of two streams: the block subsidy awarded for validating new blocks and transaction fees paid by users. Since the April 2024 halving — the latest in a schedule that occurs roughly every four years and cuts new coin issuance in half — reduced the block subsidy to 3.125 BTC per block, miner margins have remained a recurring focus for on-chain analysts, who monitor mining pool payout addresses and known miner wallets to gauge how much newly issued supply reaches the market. The subsidy is fixed by protocol, leaving transaction fees as the variable component, so total revenue can shift notably with network activity while electricity, hardware, and hosting costs continue to accrue. When revenue fails to cover operating costs, miners frequently liquidate part of their holdings, creating supply-side pressure that market observers track as a potential overhang — which is why a narrowing in that distribution channel is read as less newly issued coin flowing toward the market.

According to the CryptoQuant report, the easing in selling pressure coincided with the improvement in mining profitability, as daily revenue climbed to $48 million. The same framework offers readers a checklist for follow-through: subsequent CryptoQuant weekly reports, transaction-fee conditions that shape total revenue, and outflows from the pool payout addresses and miner wallets analysts track will indicate whether the narrower distribution channel persists.

This article draws on reporting first published by COINOTAG: Bitcoin (BTC) Miner Selling Pressure Eases as Daily Revenue Hits $48 Million. The full version is available at COINOTAG.