With Bitcoin's price hitting $57K in June 2025, miners' profitability has reached record lows, raising serious concerns about the network's stability.
Crisis of Miners' Profitability
After a sharp decline, miners' profitability fell below sustainable levels for the second time in nine months. According to CryptoQuant, underpayment levels have reached extremes not seen since 2024, raising structural concerns for the Bitcoin network.
Decline in Selling Power and Implications
At the same time, other market indicators suggest that miners' selling power has dropped to -5.8, marking the weakest level since July 2024. This decline reflects weakening selling ability, despite otherwise favorable price conditions.
Long-term Threats to the Mining Ecosystem
Amid rising financial pressures, miners' actual sales have remained controlled. This indicates not relief, but constraint, posing a potential threat to long-term mining viability as a significant number of miners may exit the market.
Under the current conditions, the Bitcoin network's stability is threatened if prices remain below $60K and selling power stays suppressed. Without changes, many miners may face capitulation.
