BlockBeats report: On June 25, Bitcoin miner revenues continued to decline, with the current 7-day average daily income falling to approximately $30 million, a significant drop from over $50 million during last summer. Meanwhile, on-chain transaction fee income has dropped to less than $250,000, representing a very small portion of total miner revenues.
Data shows that JPMorgan’s estimated average production cost is approximately $78,000, and the price of Bitcoin has remained below this cost for five consecutive months—the longest such period in this cycle. It is estimated that around 20% of miners are currently operating at a loss, with some high-cost miners beginning to frequently turn their mining equipment on and off in response to price fluctuations, increasing the correlation between network hash rate difficulty and price.
Additionally, Bitcoin mining difficulty was reduced by approximately 10% during the second week of June, marking the second time this year that a decline of this magnitude occurred. Listed mining companies have increasingly relied on their balance sheets to sustain operations, selling over 32,000 BTC in the first quarter alone to cover operational costs. Analysts believe that, amid continuously declining block subsidies and persistently low transaction fee income, miners' profit recovery will primarily depend on an increase in Bitcoin’s price.