Daily Bitcoin miner revenue has dropped from $60M to $20M since last October, a 3x decline. At $63,300, BTC trades approximately 17% below the average production cost of $76,500, making mining relatively expensive. According to Bitfinex analysts, despite this downturn, miner selling pressure remains weak, with the Puell Multiple at 0.7 and the Miners’ Position Index at -1.2. Public miners have been selling BTC to diversify into AI, with MARA selling over 23,000 BTC worth $1.63B. This paradox is reflected in stock performance: CoinShares Bitcoin Mining ETF (WGMI) is up 20% year-to-date, outperforming BTC which has lost nearly 30% over the same period.
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