Bitcoin Miners Face Mounting Losses as Daily Revenue Hits $30M, Below $78K Production Cost for Five Months

Bitcoin miners are contending with shrinking revenues as daily mining income has fallen to approximately $30 million on a seven-day average basis, down from over $50 million last summer. According to JPMorgan's estimates, Bitcoin has been trading around $62,500, significantly below the estimated production cost of roughly $78,000, a level it has remained below for five consecutive months—the longest such period during the current cycle.

Current market conditions have left approximately 20% of miners operating unprofitably. In response, public mining companies sold more than 32,000 Bitcoin during the first quarter to fund operations. Mining difficulty also fell around 10% in mid-June, marking the second double-digit decline this year, both occurring during prolonged below-cost pricing periods.