Bitcoin mining profitability has weakened after public mining firms sold more than 32,000 BTC in the first quarter. According to NS3.AI, daily miner revenue is around $30 million, down from more than $50 million last summer.

JPMorgan estimated Bitcoin’s production cost at about $78,000, while BTC was trading at $61,000. The gap between estimated costs and the market price highlights pressure on miners’ margins alongside the reported increase in BTC sales by public mining companies.