According to CryptoPotato, Bitcoin (BTC) could experience less selling pressure from miners in the near term due to increased profitability and the recovery of their hashrate following the cryptocurrency’s recent rally. A report from CryptoQuant indicates that the Bitcoin network hashrate has recovered, with the metric’s drawdown from its all-time high now at 3%, compared to 8% on July 9. The hashrate, which had plunged to its lowest level since February 28, has risen by 6% to 604 EH/s. CryptoQuant analysts suggest that a hashrate recovery is often associated with a sustained rally in Bitcoin’s price. The increased hashrate comes alongside rising profitability for miners, who are now earning more than they have since the Bitcoin halving in April. This is reflected in the Miner Profit/Loss Sustainability metric, which measures the growth of miner revenues relative to the growth of mining difficulty. The uptick in miner profitability suggests there could be less BTC selling pressure from miners, as they would not need to offload their holdings to cover operational costs. Bitcoin’s latest rally has also caused daily miner revenues to increase by roughly 50%, from a year-to-date low of $22 million earlier this month to around $32 million currently. Higher revenues have bolstered Bitcoin’s hashrate recovery. As profitability and revenues increase, BTC outflows from miners have remained lower than earlier this year. When BTC rallied to $70,000 in early March, daily miner outflows hovered between 10,000 and 20,000 BTC. After the halving in April, the figures remained high, but outflows have fallen to 5,000-10,000 BTC in July. Notably, larger Bitcoin mining entities have been increasing their holdings while smaller firms have been selling. The total balance of large miners currently sits at 65,000 BTC, up from 61,000 at the start of the year, while small miners’ balance has dipped from 59,000 BTC to 51,000 BTC within the same timeframe. Smaller miners have offloaded more of their bitcoins after the halving event. CryptoQuant warned that miners might face the risk of remaining at “depressed levels” regarding fees because their profitability is too dependent on Bitcoin’s price.