Bitcoin Miners’ Revenue Has Fallen to a Record Low: Will BTC Hold Above $60,000?

The past few months have not been easy for miners. Mining profitability has fallen to the lowest levels ever recorded, while Bitcoin continues to fluctuate near the $60,000 level.

The price decline to $62,000 coincided with a slowdown in network activity. As a result, the earnings of mining companies have dropped noticeably, and discussions about possible reserve sales have returned to the market.

The reason for this attention is clear. Miners and mining pools still hold large reserves of $BTC, whose value is estimated at more than $110 billion. That is why their actions rarely go unnoticed.

Daily revenue of 1 TH/s of computing power in US dollars. Source: Luxor Hashrate Index.

On Tuesday, the estimated daily revenue of 1 TH/s of computing power fell to $0.028. Just a month earlier, the figure was around $0.039.

For mining companies, this is a noticeable decline. For example, at an electricity cost of $0.07 per kWh, the Antminer S21 XP Hydro now generates about $137 in gross profit per month. A month earlier, the estimate was closer to $192.

The situation is also complicated by competition for computing infrastructure. Demand for artificial intelligence capacity is growing, investment in data centres is increasing, and Bitcoin mining is becoming less profitable. All of this is happening at a time when $BTC is testing an important support zone near $60,000.

Change in the net position of Bitcoin miners over the past 30 days. Source: Glassnode Studio.

The net position of miners and mining pools turned negative back in early May. Looking at the 14-day average, this trend continues to this day.

Simply put, miners are now selling more $BTC than they are accumulating. Some companies may be covering current expenses, while others are reducing their debt burden. Some players are likely freeing up money to develop data centres and AI infrastructure.

For the price of Bitcoin, the reason is not so important. Additional supply is entering the market, and this is hindering recovery.

The concentration of hashrate also raises questions. According to the latest seven-day data, Foundry USA, AntPool and F2Pool together control about 59% of the network’s computing power. In 2022, the three largest pools accounted for approximately 44%, so the influence of the leaders has increased noticeably.

Priorities are also changing within the mining industry itself. Bernstein analysts believe that the main constraint on the development of AI data centres is not chips, but access to electricity. That is why some Bitcoin miners are already using part of their energy infrastructure for AI computing. For them, this may be a more stable and profitable area than traditional mining.

Capriole Investments founder Charles Edwards estimates the current cost of mining one Bitcoin at about $62,650, including equipment depreciation. If only electricity costs are taken into account, the figure falls to $50,120.

But within the industry, the range is much wider. Miners’ operating conditions differ significantly. Some use new equipment and purchase electricity at preferential industrial tariffs, while others operate with higher costs.

For example, American Bitcoin Corp reported that in the first quarter of 2026, its operating expenses for mining one $BTC were about $36,200.

Because of this, comparing the entire sector using a single figure is quite difficult. While some companies are counting every dollar of costs, others continue to feel relatively confident even at Bitcoin’s current exchange rate.

Weak profitability also does not mean that miners will immediately start switching off equipment. In practice, many continue mining even during less favourable periods, hoping to wait out the market decline or maintain their share of the hashrate. Some continue mining because of long-term electricity agreements, some are counting on future price growth, and for others, the specifics of tax accounting are important.

It is also important not to forget that the structure of the market has changed noticeably. Today, demand from large funds and other institutional buyers largely offsets the volume of new coins that comes from miners every day. Therefore, even sales of part of their reserves no longer have the same impact on the price as they did several years ago.

History also shows that Bitcoin can trade below the estimated cost of production for a long time. According to Capriole Investments, such a situation lasted for more than six months in 2019 and was repeated in 2023.

Therefore, miners’ profitability is important, but it does not decide everything. The further movement of $BTC will depend on investor sentiment, demand for risky assets and the overall macroeconomic situation. If the market remains cautious, pressure on $60,000 may continue. But if demand returns, weak miner margins alone are unlikely to become the main obstacle to recovery.

See also: "Expert Notes Bitcoin’s First Hashrate Bear Market as Network Power Drops by 145 EH/s"

#Bitcoin (BTC) #Mining #Profit

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