theblock

BTC miners are still feeling the heat: 5 consecutive months of mining losses, 20% of miners can’t hold on

The Block's latest report highlights a harsh reality: Bitcoin miners' revenues have dropped below their production costs. JPMorgan estimates the all-chain production cost at around $78,000, while BTC has been stuck in the $62,000–$64,000 range for five months, meaning miners are losing money on every coin mined. CoinShares data shows that about 20% of miners are already cash-strapped, with a record sell-off of 32,000 BTC in Q1 to raise cash. Difficulty also dropped 10% in June, leading to a rush of hash power exiting. However, mining consolidation is often a precursor to a bull market—the survivors will be stronger, but the short-term selling pressure from miners is still present. #BTC #Bitcoin

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