Live markets: Bitcoin has traded below its mining cost for five months, squeezing miners
CoinDesk·
60-second summary
Bitcoin has traded below its mining cost for five months, squeezing miners and making about 20% of them unprofitable. Publicly traded miners have sold more than 32,000 bitcoin in the first quarter to cover operating costs, surpassing the total sold in all of 2025. This trend is expected to continue, potentially leading to a further decline in mining capacity.
About 20% of miners are now unprofitable, and publicly traded miners sold more than 32,000 bitcoin in the first quarter to cover operating costs, more than they offloaded in all of 2025.