Bitcoin miner margins fall to record low: Will BTC’s $60K floor hold?
Bitcoin fell to around $62,000 amid weak on-chain activity and record-low miner revenues. Hashing returns have dropped to about $0.28 per TH/day, cutting expected profitability for major rigs and squeezing miner margins. Miner and mining pool balances have shown persistent net selling since early May, likely to fund operations, repay debt, or finance expansion, adding pressure to price discovery. Miner concentration remains high: Foundry USA, AntPool, and F2Pool now control about 59% of hashrate, up from 44% in 2022. At the same time, some miners are shifting power assets toward AI data centers, where electricity access is seen as a bigger constraint than chips and returns may be steadier. Estimated production costs vary widely, with some high-cost miners near break-even or above, but institutional spot demand now exceeds new miner supply. The key risk is broader macro sentiment around the $60,000 support zone, not miner economics alone.
