Bitcoin Miner Earnings Loom as MSTR Halts BTC Buying for a Month, Stock Slips 2% Last Week

MicroStrategy (MSTR) is about to report earnings, but the company best known for its massive bitcoin hoard has gone nearly a month without buying any. With bitcoin failing to crack $68,000 recently and sentiment turning cautious, investors are laser-focused on MSTR's quarterly results — and whether it will resume buying. As of the July 24 close, MSTR was at $91.67, down 2.09% from the prior close of $93.63, with the day's range between $89.76 and $93.68. The quote reflects the last trading session due to a U.S. market holiday.^[AOL]

Miner Strategies Diverge: Hoarding, Selling, and Pivoting to AI

Bitcoin miners are taking starkly different approaches to managing their digital assets. Nasdaq-listed Bitdeer (BTDR) announced on X that it mined 274.6 bitcoin in the week ending July 24 and sold every coin, leaving it with zero inventory.^{[Bitcoin World]} This is part of a "zero-treasury" strategy the company has followed since February 20, converting all freshly mined bitcoin into cash for liquidity and stable cash flow rather than holding it as a long-term asset.^{[Bitcoin World]}

Bitdeer's sell-everything approach isn't an isolated case. Per HOKANEWS.COM, the company mined a record 990 bitcoin in June and sold its entire monthly output.^{[HOKANEWS.COM]} That puts it at odds with many peers that treat mined bitcoin as a long-term reserve. Some analysts see Bitdeer's strategy as conservative but prudent — it removes bitcoin price volatility from the balance sheet and gives investors more predictable financials.^{[Bitcoin World]}

Meanwhile, the Bitcoin network could see roughly a 16% mining difficulty cut on July 26, per CryptoSlate — another major adjustment in 2026.^{[CryptoSlate]} The report notes that while a difficulty cut gives surviving miners a bigger slice of expected block rewards, it doesn't solve the high power contracts, debt pressure, and strategic headwinds pushing some large miners out of bitcoin mining altogether. Some miners are selling bitcoin and redirecting mining infrastructure to AI, with related deals totaling roughly $19 billion.^{[CryptoSlate]}

Bitcoin Under Pressure as Technical and Macro Signals Diverge

Bitcoin recently hit a wall trying to break above $68,000. According to Kitco analyst Aaron Dishner, bitcoin failed to clear the last two resistance levels before $68,000, and daily momentum indicators are flashing a bearish warning.^[Kitco] Dishner notes that bitcoin could pull back toward the "fast line," consistent with the pattern of the last four corrections, and Thursday's close confirmed a bearish RSI reset. That said, the four-hour chart's TBO breakout pattern remains intact and looks constructive.^[Kitco]

On the macro front, the U.S. dollar index (DXY) has confirmed a second bearish divergence cluster — a reversal warning that supports a pullback toward 99.311 or the bottom of the daily Ichimoku cloud.^[Kitco] The analyst argues a weaker dollar could help forex pairs, equities, and crypto, but the outcome remains uncertain. S&P 500 futures are weak and still in bearish consolidation, even as major indices hold up.^[Kitco]

Miner Earnings and Market Focus

With MSTR earnings approaching, one key question is whether the company will resume buying bitcoin. The buying freeze has now lasted a full month since late June. Against a backdrop of bitcoin price pressure, a potential difficulty cut, and diverging miner strategies, MSTR's report will offer critical clues on its financial health and future plans.

Meanwhile, Bitdeer's "zero-treasury" approach is sparking industry debate. The strategy gives investors a clearer view of cash flow but forfeits any upside from future bitcoin appreciation. Bitdeer reaffirmed its zero-holding status on July 25, per Bitget.^[Bitget] These diverging strategies reflect the profit pressure and转型 challenges facing the bitcoin mining industry in the post-halving era.

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