Bitcoin Miner Reserve: How Much Miners Hold and When They Sell
How much bitcoin miners hold, how their reserve slowly fell from 2017 to 2025 and why 2026 was the first year of net inflows since 2019.
By Axel Adler Jr., Bitcoin on-chain analyst · Data from Jan 2017 to Nov 2, 2026
In short
- The miner reserve is the bitcoin held in wallets linked to miners. On Nov 2, 2026 it was about 1.20 million BTC.
- It fell from 1.28 million BTC at the end of 2017 to 1.19 million at the end of 2025, about 86,000 BTC.
- 2026 is the first year since 2019 in which miner wallets took in more than they sent out: +9,315 BTC through Nov 2.
How has the miner reserve changed?
| Date | Miner reserve |
|---|---|
| Dec 31, 2017 | 1,278,188 BTC |
| Dec 31, 2020 | 1,271,233 BTC |
| Dec 31, 2021 | 1,257,876 BTC |
| Dec 31, 2022 | 1,239,774 BTC |
| Dec 31, 2023 | 1,223,611 BTC |
| Dec 31, 2024 | 1,197,238 BTC |
| Dec 31, 2025 | 1,192,317 BTC |
| Nov 2, 2026 | 1,203,333 BTC |
How much did miners send out each year?
Net flow out of miner wallets:
| Year | Net flow |
|---|---|
| 2020 | −77,638 BTC |
| 2021 | −13,357 BTC |
| 2022 | −18,101 BTC |
| 2023 | −16,163 BTC |
| 2024 | −26,373 BTC |
| 2025 | −4,921 BTC |
| 2026* | +9,315 BTC |
*2026 to Nov 2.
Why did miners send out less in 2026?
Miners sell to pay for power and machines. In 2026 miner wallets sent out less than they received while the hash rate fell. One reading: miners who could not cover costs switched machines off instead of selling coins at weak prices, and the rest held more of their output. The data shows the flows, not the reasons.
When does miner selling matter?
When it is large compared with daily new supply. After the April 2024 halving, miners earn about 450 BTC a day. A single day sending out several thousand BTC is a big event; a few hundred BTC is routine. The largest outflow day in 2026 through Nov 2 was 2,736 BTC on Feb 6, 2026.
FAQ
How much bitcoin did miners hold on Nov 2, 2026?
About 1,203,333 BTC in miner-linked wallets.
Did miners sell more in 2026?
No. Through Nov 2, miner wallets took in 9,315 BTC more than they sent out.
Where can I follow miner revenue live?
On the live Bitcoin Miner Revenue chart, updated daily.
Related: Puell Multiple guide · Hash ribbons guide · Mining charts