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According to the latest on-chain data, Bitcoin miners refuse to offload their BTC holdings despite profitability being historically low.

BTC Transaction Fees At Lowest Level Since 2012

In a new post on X, blockchain analytics firm Alphractal revealed that Bitcoin miners are still holding on to their reserves despite the decline in revenue. The on-chain data platform discussed the reasons behind this trend and its potential implications on the BTC mining industry.

Firstly, Alphractal highlighted low on-chain activity in this cycle as one of the reasons behind the significant decline in miner revenues. As a result of the reduced activity, the total transaction fees paid on the Bitcoin network have dropped to their lowest levels since 2012.

The market intelligence platform also mentioned that the mining difficulty has remained high even though the hash rate recently witnessed a drop. Typically, there is a direct relationship or positive correlation between the hashrate and mining difficulty. However, according to Alphractal, this recent lag or dissociation further strains miner profitability and delays network equilibrium.

Furthermore, Alphractal revealed on X that the Bitcoin hash rate volatility has reached new all-time highs. This basically implies that the network is witnessing the highest hash rate fluctuations or changes in its history.

The blockchain analytics firm added:

This is likely caused by large mining operations shutting down ASIC machines, possibly due to falling revenues and low network demand.

Source: @Alphractal on X

Despite the network revenues and the high mining difficulty, selling pressure from miners has remained at low levels. As exhibited by the low Miner Sell Pressure metric, this indicates that miners are not aggressively offloading their holdings for profit.

Alphractal admitted that the low selling pressure from miners is a positive sign, especially for the price of Bitcoin. The blockchain firm noted the possibility of some mining pools scaling down their operations in response to the decreased activity on the Bitcoin network. “As BTC trades above $107K, we may simply be witnessing miners reallocating their hash power to adapt to the current demand,” Alphractal added.

Typically, BTC miners tend to sell their coins for profit during periods of rapid price increases and high blockchain activity. However, Alphractal believes the current absence of both suggests a period of adjustment rather than capitulation amongst the miners.

Bitcoin Price At A Glance

As of this writing, BTC is valued at around $107,375, continuing its sideways movement with a mere 0.3% increase in the past 24 hours.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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At the start of the year, 54.76 % of short‑term supply was in profit, with Bitcoin trading near  $94,400. A two‑week rally pushed the share to 95 % on  Jan. 17 while the spot rate peaked above  $104,000, leaving almost every coin acquired since mid‑September in the green. However, the euphoric reading proved transitory.

By  Feb. 20, after a swift $5,800 retracement, profitable short‑term supply fell to 67.82 %. The real capitulation arrived in April as tariff headlines sparked cross‑asset risk aversion. Bitcoin slid from  $82,500 on  April 2 to an intra‑month low of  $78,400 on April 6; the percentage of short‑term coins in profit collapsed from 12.02 % to a YTD low of 2.07 %. On those dates, less than one in 50 recently moved coins carried an unrealized gain, a condition previously observed only during panic liquidations in 2022 and the week of FTX’s crash in November  2024.

The market then attempted a rebound. A White House carve‑out that spared smartphones, laptops, and chip‑making equipment from the 145 % reciprocal tariff schedule briefly lifted risk appetite. This caused Bitcoin to rebound to  $84,600 on  April 14, and the profitable share of short‑term supply recovered to a high of 26.39 %.

Long‑term holders tell a very different story. Their supply has remained essentially fully profitable all year: 100 % through the first quarter and 99.90 % even after the April drawdown. This divergence shows that recent volatility is a short‑horizon phenomenon driven by traders who entered near the cycle top; coins accumulated before November  2024 still carry a large cushion compared to the current spot price.

The path of short-term holder supply maps cleanly onto Bitcoin’s spot price. When the price set its year‑to‑date high, virtually every coin bought since the ETF approval rally was profitable; once macro stress hit, more than 90 % of those same coins moved underwater. Such swings matter because on‑chain spending patterns show that short‑term wallets are responsible for the majority of intraday sell pressure during corrections. The steep April washout, accompanied by a record $1 billion liquidation day and a two‑point drop in the funding rate curve, matches historical capitulation signatures that have often preceded local price bottoms.

Macro conditions explain why the recovery has been hesitant. Container‑booking data reveal a 64 % collapse in US imports and a 30 % drop in exports after the March tariff escalation, feeding fears of an earnings shock that weighs on all risk assets. The same data set has sparked debate over whether corporate treasuries will add Bitcoin as a tariff hedge, but flows into spot ETFs remain muted. Until clarity emerges on the trajectory of US-China negotiations, short‑term holders face a narrower window to exit breakeven trades, capping upside follow‑through.

The collapse in short‑term holder profitability has two immediate consequences. First, it removes a large block of latent supply: wallets sitting on losses are statistically less likely to market‑sell, so day‑to‑day offer depth thins out when the metric drops into single digits. That helps explain why the spot slipped below $79,000 only briefly on  April 6 before rebounding, as there simply was not enough profit‑taking inventory to meet bid support once liquidations cleared.

Second, it sets an invisible ceiling: as price claws back toward the $87,000–$90,000 cost‑basis band for coins bought in February and March, those underwater wallets regain parity and often sell into strength, creating overhead resistance. The market, therefore, enters a reflexive zone where each $1,000 of upside converts roughly 60,000 to 70,000 STH coins from loss to profit, gradually replenishing offer books and tempering rallies until new external demand absorbs the flow.

The near‑perfect profitability of long‑term supply is essentially a legacy of the spot ETF buying spree that accelerated from July through December  2024. ETF issuers attracted $35.5 billion in net flows by April 16, with most of those coins custodied at an average acquisition price between $55,000 and $75,000. The largest inflows we’ve seen during Bitcoin’s ATH have mostly aged past the 155-day threshold and graduated into the long-term cohort, locking in double-digit gains. This ETF‑driven migration helps keep the long‑term holder profitability ratio pinned near 100 %, even as the spot price corrects and reinforces the structural supply scarcity that underlies Bitcoin’s broader bullish bias.

The post Short-term holder supply sees profitability crash to 2% as tariff fears bite appeared first on CryptoSlate.

What is the Pyrin PYI Cryptocurrency

As noted by the project developers on its website, Pyrin is a next-generation decentralized network for transactions with smart contract support. Its key feature is the innovative GhostDAG consensus protocol, created based on the popular DAG structure, that is, a directed acyclic graph.

In practice, the combination of innovations leads to almost instant transaction confirmations and the elimination of incomplete orphan blocks. Blockchain users, in turn, can enjoy high throughput and scalability, creating conditions for the popularization of digital assets in everyday life.

So, here are the main advantages of the Pyrin project, launched in November 2023:

• High speed: the average transaction time is 1.2 seconds, while their finality, i.e., final implementation into the blockchain, takes less than ten seconds.
• Decentralization: network security is guaranteed by thousands of nodes, while the fair distribution of cryptocurrency at the initial stage of the project’s life by blocking ASIC miners is ensured by the BLAKE3 hash function.
• Low fees: the cost of a transaction is $0.000025, making interactions with smart contracts more comfortable.
• Scalability: blocks in the Pyrin network are created and confirmed in parallel, thus guaranteeing high throughput.
• Security: the GhostDAG consensus protocol is based on the traditional Proof-of-Work (PoW) system, which has proven its reliability.

Pyrin PYI Exchange Rate and Cryptocurrency Tokenomics

The PYI cryptocurrency was launched without so-called premine and pre-sales to investors. Therefore, the Pyrin developers call its launch as fair as possible, while the project itself is considered “fully decentralized, open-source, and community-driven.” Such a combination is usually valued in the crypto world.

The maximum supply of PYI is 1 billion coins, with the new coin issuance schedule implying a gradual decrease in the release rate with a coefficient of (1/2)^(1/12), which will occur every month.

The initial emission rate is 17 PYI per block, but on May 21, 2024, the rate will drop to 14 PYI. The release curve of the cryptocurrency looks like this on the chart.

As of May 15, the PYI exchange rate is 4 cents. The project’s market capitalization is $10.43 million, placing it at 3042 in the overall CoinMarketCap platform ranking.

The highest PYI price was recorded on March 21, 2024 — it was 28.9 cents. Accordingly, the current rate is 85 percent behind the record.

And although this is not the best indicator, the project is still very young. Therefore, making any predictions for a new bull run based on such data is simply too early, and the behavior of PYI will be determined by the activity of users of this network.

The Best Wallets for Pyrin Cryptocurrency

There are three types of wallets for interacting with PYI — a web wallet, a desktop wallet, and an Android smartphone app.

The web wallet is available at this link and is very simple to use. When you follow the link, it will generate a 24-word seed phrase or offer to import an already used combination.

After recording the seed, the site will verify three random words from the combination to ensure you wrote it down correctly. Then create a password for access and get access to the wallet interface.

This is what the PYI sending window looks like. If you have previously conducted transactions with cryptocurrencies, there will be no problems here.

To download the desktop version, follow this link. You can also study the application’s source code if you have the appropriate knowledge.

Here is the link to the Android app. A wallet for iOS devices is not mentioned on the site, so it does not exist.

You can also interact with PYI using exchanges. Although this method implies dependence on the corresponding project’s team and lack of decentralization, it can still be successfully used for accumulating coins.

Where to Buy and Sell Pyrin Cryptocurrency

PYI is supported on MEXC platforms, CoinEx, XeggeX, XT-com, TradeOgre, and Nonkyc-io. Trading with the cryptocurrency occurs in a pair with USDT, but transactions are also conducted in a pair with Bitcoin on the XeggeX exchange.

Pyrin Cryptocurrency Mining Profitability

Initially, Pyrin PYI mining was launched on processors, then it moved to graphics cards. As noted by the developers, this way the project began its decentralized path.

The Pyrin network uses the PyrinHash algorithm, which is similar to KHeavyHash in Kaspa, and blocks are created here every second. You can track them and transactions on the blockchain explorer page.

Today, Pyrin PYI is one of the most profitable cryptocurrencies for mining. In the list from the 2CryptoCalc calculator, which in this case shows the profitability of 300 Nvidia GeForce RTX 3070 graphics cards, PYI ranks second.

Note that 2CryptoCalc does not take into account the cost of electricity, the rate of which varies for each miner. Therefore, to get the full profitability, it is necessary to consider electricity costs.


Here is detailed information on the state of the Pyrin network.

Pyrin PYI Mining Setup

Preparing to mine Pyrin PUI is not difficult. Nvidia GPU owners should use the Rigel miner, while AMD GPU users should opt for lolMiner.

Both programs are available in this archive, and the password to run is 2miners — without capital letters and spaces.

Here are the settings for mining PYI with Rigel:

rigel.exe -a pyrinhash -o stratum+tcp://pyi.2miners.com:2121 -u YOUR_WALLET_ADDRESS -w RIG_ID
pause


And here are the settings for lolMiner:

lolMiner.exe --algo PYRIN --pool pyi.2miners.com:2121 --user YOUR_WALLET_ADDRESS.RIG_ID
pause


If you have any questions, we traditionally recommend using the help page.

Bitcoin Wallet for Mining Pyrin PYI

Mining Pyrin PYI on the 2Miners mining pool also allows you to receive rewards in Bitcoin. That is, the reward in PYI is automatically converted into BTC, which is then sent to the corresponding wallets.

More details: Get Paid in Bitcoin for Altcoin Mining.


Thus, Pyrin miners can not only accumulate the main cryptocurrency with the best liquidity on the market but also use more convenient wallets, which are significantly more in the case of BTC.

To receive payouts in Bitcoin, you need to specify your BTC address instead of “YOUR_WALLET_ADDRESS” in the bat file. The 2Miners pool supports payouts to any address type, including SegWit (for example, bc1qnkyhslv83yyp0q0suxw0uj3lg9drgqq9c0auzc), Compatibility (for example, 3GRdnTq18LyNveWa1gQJcgp8qEnzijv5vR), and Legacy (for example, 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa).

Solo Mining Pyrin

Mining PYI solo is recommended for miners who have the appropriate mining experience and can find at least 2-3 blocks per day.

To calculate this indicator, go to this page, enter the hashrate of your equipment, and click the green “Can I mine SOLO” button.

In this situation, the hashrate is enough to mine approximately 148 blocks per day. And this is more than enough for solo mining.

For SOLO mining, the server solo-pyi.2miners.com:3131 is dedicated. All settings are available here if needed.

Setting Up Pyrin PYI Mining on Miningrigrentals and Nicehash

Miningrigrentals Miningrigrentals and NiceHash users can also mine Pyrin PYI.

Here are the relevant settings for Miningrigrentals in POOL mode.

• Name: 2Miners PYI
• Type: PyrinHash
• Pool Host: pyi.2miners.com:2121
• Workername (-u): YOUR_WALLET_ADDRESS
• Password: x

Here are the settings for Miningrigrentals in SOLO mode.

• Name: 2Miners SOLO PYI
• Type: PyrinHash
• Pool Host: solo-pyi.2miners.com:3131
• Workername (-u): YOUR_WALLET_ADDRESS
• Password: x

Here are the settings for mining PYI on NiceHash in POOL mode.

• Custom pool name: 2Miners PYI
• Algorithm: PyrinHash
• Stratum hostname or IP: pyi.2miners.com
• Port: 2121
• Username: YOUR_WALLET_ADDRESS
• Password: x

And we end with the settings for mining Pyrin on NiceHash in SOLO mode.

• Custom pool name: 2Miners SOLO PYI
• Algorithm: PyrinHash
• Stratum hostname or IP: solo-pyi.2miners.com
• Port: 3131
• Username: YOUR_WALLET_ADDRESS
• Password: x

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What is Zephyr ZEPH Cryptocurrency

As noted on the official website, Zephyr is an overcollateralized stablecoin project that is also untraceable. According to the developers, it is the first confidential stablecoin system with appropriate reserves to guarantee the stability of the corresponding token’s rate.


The project's foundation is a combination of the Djed stablecoin protocol from developers Emurgo, IOHK, and Ergo Foundation, and privacy features from the Monero network. These include hiding the recipient's address and transaction amount. As noted by the developers, this makes the evolution towards true "digital cash" much more tangible.


The aforementioned Djed stablecoin protocol uses three tokens — base coins, stablecoins, and reserve coins. Here is their detailed description:

• Zephyr (ZEPH) — the cryptocurrency at the core of the Zephyr protocol, functioning as the base coin and reserve asset of the decentralized protocol based on Djed;
• Zephyr Stable Dollar (ZSD) — an overcollateralized confidential stablecoin of the Zephyr protocol. Its rate is pegged to the dollar, while the stability of its value is ensured by ZEPH reserves;
• Zephyr Reserve Share (ZRS) — a share in the protocol’s reserves, representing a stake in the financial health and future success of the entire project.

Reserve providers contribute their ZEPH to the project’s reserves and receive ZRS in return, reflecting the corresponding share in the overall capital. The emission of the ZSD stablecoin occurs when users contribute an equivalent amount of ZEPH to the reserves while maintaining a minimum reserve ratio, usually at 400 percent.

In practice, this ratio often exceeds 700 percent. This means that the stablecoin should maintain its stability and dollar peg even under conditions of extreme market volatility and trader sales.

Here are the statistics for ZEPH coins in reserves and ZSD and ZRS tokens in circulation.

Zephyr ZEPH Exchange Rate

Today, ZEPH is valued at $7.24, with a project market capitalization of $28 million.

The peak value of the asset at $52.31 was reached on November 23, 2023. Accordingly, compared to that mark, the current rate is 86 percent behind.

However, again, the project is relatively new and has not yet gone through a full bull run. Therefore, making assumptions about the further behavior of ZEPH is simply too early.

Where to Buy Zephyr ZEPH Cryptocurrency

Zephyr ZEPH is traded on several popular cryptocurrency exchanges. These are our familiar MEXC, XT-com, CoinEx, Xeggex, TradeOgre, and Nonkyc. Here is the distribution of platforms by trading volume.


Note that some trading platforms have not only low volumes but also poor market depth. The latter indicates the size of the deal that will change the base asset's price by 2 percent in either direction.

For example, buying ZEPH for 11 USDT on the XT-com platform will increase the coin’s rate on the exchange by 2 percent, while a similar decrease on Nonkyc will occur after selling cryptocurrency for $23. Considering this, it is better to conduct transactions with your coins — whether it is buying crypto as a long-term investment or selling mining rewards — on platforms with strong liquidity. In this case, it is the MEXC exchange, which will allow you to conduct transactions on better terms and without sharp rate changes.

The project’s website shows various indicators of its health. As can be seen, over the past three months, the number of ZEPH in reserves has been regularly increasing.

This means that the stability of the ZSD stablecoin is also improving.

The Best Wallets for Zephyr Cryptocurrency

The Zephyr developers suggest using the web wallet at this link. To set it up, you need to create a wallet name, enter a password, and save the wallet file.

Then, write down the seed phrase and confirm it in full. After completing these steps, the wallet interface will open — it is simple and easy to use.

You can also use the official wallet at this link on Github.

Traditionally, for accumulating ZEPH and receiving mining rewards, cryptocurrency exchanges are suitable. However, on lesser-known platforms, it is better not to store large amounts for additional security.

Profitability of ZEPH Cryptocurrency Mining

The Zephyr network uses the RandomX mining algorithm, which is also used in Monero. Moreover, the Zephyr hashrate is quite comparable to that of Monero. This means that although ZEPH is a relatively unknown cryptocurrency, it is mined on par with XMR, which remains one of the pioneers in the digital asset industry.

You can mine ZEPH using processors and graphics cards, and you can track the situation with blocks and transactions on the blockchain explorer.

ZEPH is in the second half of the profitability of cryptocurrencies presented in the 2CryptoCalc calculator. For example, here is the situation with eight Nvidia GeForce RTX 4070 graphics cards.

This is logical since Zephyr is primarily intended for CPU mining. So to calculate the current profitability, enter your hashrate on this page.


Do not forget that the 2CryptoCalc calculator does not take into account electricity costs, the rates for which are different for everyone. Therefore, when calculating profitability, this must be considered.


Setting Up Zephyr ZEPH Mining

To mine Zephyr ZEPH on CPUs and GPUs, you should use the XMRig miner. It is available for download in this archive, and the password to run it — 2miners — with no spaces, capital letters, or periods.

Here are the settings for mining ZEPH.


xmrig.exe --coin=ZEPH -o zeph.2miners.com:2222 -u YOUR_WALLET_ADDRESS.RIG_ID -p x
pause


If you have any questions, answers are available on this help page.

Solo Mining Zephyr ZEPH

Mining Zephyr ZEPH solo is suitable for experienced miners whose equipment allows them to mine at least 2-3 blocks per day.

How to check this? Go to this page of the 2CryptoCalc calculator, enter your hashrate, and click the green “Can I mine SOLO” button.

The specified hashrate is enough to mine 28 blocks a day, meaning this equipment is suitable for solo mining.

Setting Up Zephyr ZEPH Mining on Miningrigrentals and Nicehash

Users of the Miningrigrentals and NiceHash platforms can mine Zephyr ZEPH.

Here are the necessary settings for Miningrigrentals in POOL mode.

• Name: 2Miners ZEPH
• Type: RandomX (XMR)
• Pool Host: zeph.2miners.com:2222
• Workername (-u): YOUR_WALLET_ADDRESS
• Password: x

Next, here are the settings for Miningrigrentals in SOLO mode.

• Name: 2Miners SOLO ZEPH
• Type: RandomX (XMR)
• Pool Host: solo-zeph.2miners.com:4444
• Workername (-u): YOUR_WALLET_ADDRESS
• Password: x

Here are the parameters for mining ZEPH on NiceHash in POOL mode.

• Custom pool name: 2Miners ZEPH
• Algorithm: RandomXmonero (XMR)
• Stratum hostname or IP: zeph.2miners.com
• Port: 3333
• Username: YOUR_WALLET_ADDRESS
• Password: x

Finally, here are the SOLO mining settings for ZEPH on NiceHash.

• Custom pool name: 2Miners SOLO ZEPH
• Algorithm: RandomXmonero (XMR)
• Stratum hostname or IP: solo-zeph.2miners.com
• Port: 5555
• Username: YOUR_WALLET_ADDRESS
• Password: x

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