Bitcoin Miners Post Losses for Five Months Straight as Revenue Drops to $30M Per Day

Bitcoin miner revenue has been grinding lower for most of the past year. The 7-day moving average is now sitting around $30 million per day down sharply from the $50 million-plus levels seen last summer. Transaction fees have nearly disappeared from the equation, contributing less than $250,000 to that daily total, making them basically irrelevant compared to the block subsidy.

With BTC trading near $61,500 and JPMorgan estimating production costs at around $78,000, miners have been operating below their cost of production for five straight months the longest such stretch this cycle.

One in Five Miners Is Now Unprofitable

Around 20% of miners are currently underwater at these prices and the stress is visible at the network level. Mining difficulty dropped 10% in the second week of June, the second double-digit drawdown of the year. Higher-cost operators are switching machines on and off based on price rather than mining through the losses.

The beta of mining difficulty to bitcoin’s price has climbed to 0.62 over the past six months, a sign that more miners are reacting to price swings rather than holding steady.

Public Miners Are Burning Through Reserves

Rather than shutting down operations, publicly listed miners have been leaning on their balance sheets to stay alive selling more than 32,000 BTC in the first quarter alone just to cover operating costs.

With the next halving still nearly two years away and fee revenue sitting near multi-year lows, there is no subsidy relief coming anytime soon. At this point price recovery is the only real path back to healthy margins.