Analysis: Bitcoin miners face sustained pressure of narrowing profit margins, revenue already below production costs

CoinFeed June 25 news, according to The Block report, Bitcoin miner revenue continues to decline, 7-day moving average has dropped to about $30 million daily, lower than last summer's over $50 million. Transaction fee contribution has become negligible, less than $250,000 per day. BTC current trading price around $62,500, far below JPMorgan's estimated production cost of about $78,000, this gap has persisted for five months, the longest in this cycle. Production cost has historically been seen as a soft price floor, currently about 20% of miners are operating at a loss. Network-level stress is emerging. Over the past six months, the beta of mining difficulty to BTC price has risen to 0.62, high-cost miners turn machines on and off based on price fluctuations rather than continuously operating at a loss. In the second week of June, difficulty dropped 10%, the second similar magnitude adjustment this year.