Live markets: Bitcoin has traded below its mining cost for five months, squeezing miners
CoinDesk 2026-06-19 05:04:22
Context: Bitcoin has been trading below its mining cost for five months, causing significant financial strain on miners. This prolonged period of unprofitability has led to a substantial increase in miners selling their bitcoin holdings to cover operating costs. The situation has raised concerns about the sustainability of mining operations.
Key Facts
- About 20% of miners are now unprofitable due to bitcoin trading below its mining cost for five months.
- Publicly traded miners sold more than 32,000 bitcoin in the first quarter to cover operating costs, exceeding the amount they sold in all of 2025.
- The prolonged period of bitcoin trading below its mining cost has led to a significant increase in miners selling their holdings to stay afloat.