>**”Who goes into the mining business thinking bitcoin is going down in price?”** – Michael Saylor
We’ll use one of our [Mining Insights Profitability Calculator](https://insights.braiins.com/profitability-calculator) to illustrate why miners should not be thought of purely as “sellers of BTC” who suppress price increases. **Miners are HODLers too.**
☝️ This chart is an 18-month cash flow visualization for a miner with 6.8 PH/s of hashrate, all S17 Pros.
Bull market parameters:
– Difficulty increases 4%/month
– Price increases 6.5%/month
In this projection, the miner sells all BTC into fiat each month and has an **end profit: $1.1MM**
☝️ This chart is for the exact same miner and all of the exact same inputs, with **one difference:**
**HODL Ratio = 100%**
All profits are kept in BTC instead of selling to fiat and the miner ends with an **end profit: $1.9MM**
We added the HODL Ratio input to our Profitability Calculator in order to make it more useful based on [The Intelligent Bitcoin Miner](https://www.aniccaresearch.tech/blog/the-intelligent-bitcoin-miner-part-i), a report from Annica Research. It’s a must read for understanding the evolution of the BTC mining industry.
>**”The stupidest thing you can do is sell your bitcoin.”** – Michael Saylor
For miners who want to include their “Long BTC” position in financial calculations, visit: [http://insights.braiins.com/](http://insights.braiins.com/) and [here](https://imgur.com/a/dD7Am3o) is an image for reference of all of the other inputs we used.
These Michael Saylor quotes both come from his fantastic [podcast episode](https://saifedean.com/podcast/34-michael-saylor-on-the-fiat-standard/) with Saifedean Ammous:
[Worth a listen.](https://preview.redd.it/cq3nxajljen61.png?width=1315&format=png&auto=webp&s=6445251d418f597bf3c164d867778368cd0f5baf)