Bitcoin Mining Profits Hit Record Lows as Traders Watch Key $60,000 Support

Bitcoin miners are facing their toughest profitability conditions on record as btc struggles to stay above the important $60,000 price level. Falling mining revenues, weak on-chain activity and broader market uncertainty have raised concerns about whether additional selling pressure could emerge from miners.

Bitcoin Miner Revenue Falls to Historic Low

The daily return generated by 1 terahash per second of Bitcoin mining power recently dropped to an all-time low of $0.028, down from $0.039 just one month ago. The impact is already being felt across the industry. An Antminer S21 XP Hydro running at an electricity cost of $0.07 per kilowatt-hour now generates an estimated monthly gross profit of just $137, compared with $192 in May.

At the same time, Bitcoin miners and mining pools continue to hold more than $110 billion worth of BTC, making their market activity closely watched by investors.

Miners Reduce Bitcoin Holdings

Data shows the 14-day average net position change of miner-held Bitcoin turned negative in early May and has remained below zero. Analysts believe some miners are selling BTC to cover operating costs, reduce debt or fund expansion into artificial intelligence infrastructure and data centers.

AI Infrastructure Creates New Competition

According to Bernstein analysts, access to electricity has become the biggest challenge for AI data center growth. As a result, several mining companies are redirecting energy resources toward AI computing, which many view as a more stable business than crypto mining.

Charles Edwards of Capriole Investments estimates Bitcoin’s average production cost at $62,650, while the minimum electricity break-even level is around $50,120. However, some large miners operate at much lower costs. American Bitcoin Corp reported production costs near $36,200 per Bitcoin during the first quarter of 2026.

Despite weak miner economics, analysts note that institutional spot Bitcoin ETF flows now greatly exceed new BTC supply from miners. For that reason, broader economic conditions, investor sentiment and risk appetite are likely to have a bigger impact on whether Bitcoin can defend the $60,000 support level in the months ahead.