Bitcoin Price Recovery Masks Ongoing Margin Pressure for Public Miners

KuCoin's recent LinkedIn post highlighted Bitcoin's brief surge to nearly $80,000 in early September, but this move came on the heels of a quarter when many public miners were struggling to stay profitable.

The company cited average production costs of around $75,500 per BTC, while prices hovered at approximately $58,400. This underscores ongoing margin pressure in the mining segment.

KuCoin's analysis noted that hashprice plummeted to a record low of $27.7 per PH/s per day in June, prompting miners to shut down less efficient rigs and cancel equipment orders in an effort to cut costs.