Nasdaq-listed miner Bitdeer liquidated 288.4 Bitcoin during the week concluding September 25, slightly exceeding the 288.1 BTC it produced over the same timeframe. This activity resulted in the company maintaining a zero Bitcoin balance.
This liquidation happened as Bitcoin approached a price point closely monitored by the mining industry. For the first time in 280 days, Bitcoin recently surpassed USD 85,000, a threshold JPMorgan calculates as the mean cost to mine a single BTC.
Bitcoin later traded around USD 84,187 on September 25, putting it just under that calculated production expense. Consequently, the market hovered near a threshold capable of impacting miner cash flow and liquidation requirements.
Bitdeer Keeps Bitcoin Holdings at Zero
Bitdeer’s most recent data indicates zero net accumulation of Bitcoin for the week. By selling 288.4 BTC while mining 288.1 BTC, the firm reported no remaining Bitcoin reserves. This approach diverges from firms that keep a portion of their output as treasury holdings, as offloading newly minted coins immediately reduces the company’s direct vulnerability to future price shifts via saved BTC reserves.
Across the wider cryptocurrency market, prices trended mostly upward on September 26. Data from Pluang showed that 41 out of 50 leading cryptocurrencies posted gains as of 11:41 WIB. Notable movements included a 46.27% drop for SXP, an 11.14% increase for BAL, and an 8.61% rise for GRT, with Pluang noting that sell orders accounted for 97% of GRT trading on its system.
The recovery in Bitcoin’s price has introduced another variable to the economics of mining. The digital asset climbed past USD 85,000 in September before dropping back under that mark by September 25.
JPMorgan Puts Bitcoin Mining Cost Near USD 85,000
JPMorgan defines the calculated production cost of Bitcoin as a “soft floor” rather than a strict minimum price, noting it serves as a general gauge of broader industry mining economics.
This distinction is crucial because individual operators experience varying electricity rates, hardware expenses, financing costs, and operational environments. Therefore, USD 85,000 is not a universal break-even price for every mining enterprise.
Furthermore, Bitcoin can trade near estimated production expenses for extended stretches. In 2018, the cryptocurrency stayed under the calculated cost of production for approximately 224 days.
During such periods, higher-cost miners often experience elevated financial strain, leading some to liquidate larger amounts of Bitcoin, power down hardware, scale back operations, or exit the space altogether.
In June, when BTC traded around USD 62,500, JPMorgan pegged the average mining cost at roughly USD 78,000, while CoinShares estimated that about 20% of miners were operating at a loss at the time.
While the upward revision to roughly USD 85,000 establishes a fresh benchmark, Bitcoin crossing that mark temporarily does not automatically eliminate financial pressure across the market.
Higher BTC Prices Could Change Miner Selling Pressure
If Bitcoin stays above production costs for an extended timeframe, it could alleviate liquidity strains for certain operators. Miners operating close to the industry average may find they need to sell fewer coins to cover day-to-day expenses.
The duration of this price move remains a key factor. A brief spike past USD 85,000 may fail to significantly alter hardware orders, financing choices, treasury strategies, or daily operational needs.
According to JPMorgan’s model, the outcome depends on how long prices hold above production expenses and how individual miner budgets stack up against the industry norm. Operational conditions have shifted as well; JPMorgan reported that the Bitcoin hash rate dropped roughly 19% from its October peak, while mining difficulty decreased by about 15%.
Read More: How Bitcoin Technical Analysis Works
Additionally, certain miners have pivoted resources toward artificial intelligence infrastructure, adding another layer of complexity to choices regarding hardware purchases, capital allocation, and the computing power dedicated to mining Bitcoin.
Should less-efficient miners scale back activity, network competition may eventually ease for those remaining, though this adjustment does not take place uniformly across the sector.
With Bitcoin trading at approximately USD 84,187 on September 25, the asset remained just under JPMorgan’s USD 85,000 mining-cost benchmark, coinciding with Bitdeer’s weekly reports showing continued liquidation of newly minted coins instead of treasury accumulation.
Final Thoughts
Over the latest week, Bitdeer mined 288.1 BTC and liquidated 288.4 BTC, bringing its Bitcoin reserves to zero. At the same time, Bitcoin hovered near JPMorgan’s estimated USD 85,000 production expense, a threshold that could influence miner liquidation patterns if prices manage to sustain levels above it.
