Bitcoin Miners Face 35% Profitability Drop As Prices Fall To $57K

Bitcoin miners are currently facing significant challenges as the profitability of mining has plummeted to unsustainable levels. The recent collapse of Bitcoin's price to $57K in June 2025 has exacerbated the financial strain on miners, leading to a critical underpayment situation. This has resulted in a severe decline in miner profitability, which has dropped below sustainable levels for the second time in nine months. The underpayment levels have reached extremes not seen since 2024, raising structural concerns for the Bitcoin network.

In February 2025, Bitcoin briefly soared to $112K, pushing miners into overpaid territory. However, since March, profitability has reversed, and recent data shows sustainability metrics dipping below -35 as prices fell again. This deep underpayment trend has intensified in June as Bitcoin retraced back to $57K, confirming unsustainable operating conditions for miners.

Simultaneously, the selling power of miners has collapsed to -5.8 on a log scale, marking the weakest point for Bitcoin miners' selling capacity since July 2024. When Bitcoin crossed $100K in November 2024, miner selling power reached a yearly high of -5.0. During bullish conditions, miners had strong market leverage and ample liquidation capacity. However, through early 2025, miners' selling power decayed even as Bitcoin held between $85K and $105K. This divergence reveals a weakening ability to sell, despite otherwise favorable price conditions.

While financial strain has surged, actual selling from miners has remained controlled, signaling not relief but constraint. Without fresh capital or reserve rebuilding, miners could soon be forced into capitulation. In recent weeks, the complete absence of orange and red profitability bars reinforces this dynamic, reflecting zero instances of overpayment and therefore, zero windows for strategic selling. Bitcoin’s current miner ecosystem is hanging by a thread. If prices remain below $60K, and selling power stays suppressed, network stability could face renewed threats.

The sharp drop in both profitability and selling power creates a dual-threat scenario for Bitcoin’s operational base. The declining hash rate and unviable revenue models point toward upcoming miner exits. Bitcoin miners are not just underpaid—they are locked out of profitable liquidation entirely. Unless conditions shift, long-term mining viability will remain severely compromised.