Miners Sell Record Number of Bitcoins as Price Remains Below Production Cost

The recent decline in mining difficulty has made it cheaper for miners to operate and produce Bitcoin. In June, mining difficulty decreased by 10.09%, making it more economical for surviving miners to continue producing coins.

According to JPMorgan's production cost report, the current production cost of one Bitcoin is approximately $78,000. This figure includes costs for electricity, hardware depreciation, and overheads for public miners.

The price of Bitcoin has remained below this production cost for five consecutive months, causing financial strain for miners as their primary asset is the Bitcoin generated by their machinery.

As a result, some miners are selling their coins to cover operating expenses. In the first quarter of 2026, six public miners sold a combined total of 32,000 Bitcoin, surpassing their total sales for all of 2025 and setting a new quarterly record.