PANews June 25 news, according to The Block, Bitcoin miner revenue continues to decline, with the 7-day moving average falling to about $30 million per day, down from more than $50 million last summer. Transaction fee contributions have become negligible, at less than $250,000 per day. BTC is currently trading at around $62,500, far below JPMorgan's estimated production cost of about $78,000, a gap that has persisted for five months, the longest in this cycle. Production cost has historically been regarded as a soft price floor, and currently about 20% of miners are operating at a loss.

Network-level pressure is emerging. The beta of mining difficulty to BTC price over the past six months has risen to 0.62, with high-cost miners turning machines on and off based on price fluctuations rather than operating at a continuous loss. In the second week of June, difficulty dropped 10%, the second similar-sized correction this year. Listed mining companies have already sold over 32,000 BTC in the first quarter to cover operating costs, rather than further reducing production capacity.