Bitcoin (BTC): Miner Revenues Fall to Their Lowest Level in Two Months

The Bitcoin network's hashprice , an indicator measuring miners' revenue in US dollars per petahash per day (USD/PH/d), reached 31.88 USD/PH/d on June 2, 2026. This level had not been seen since early April 2026, according to CriptoNoticias data. This decline comes as the price of Bitcoin dropped below the 69,000 USD mark, a significant psychological and technical threshold. Miners, already weakened by the April 2026 halving and rising energy costs, are seeing their margins shrink drastically. Despite a high mining difficulty , miners' profitability remains closely tied to the valuation of Bitcoin. With a CryptoScore of 79/100 and a market capitalization of 1,417.53 billion USD , the asset retains a central place for institutional investors and mining players, despite current turbulence. The facts The hashprice hit its lowest level in two months, at 31.88 USD/PH/d , on June 2, 2026. This value had not been recorded since April 1, 2026. At the same time, the price of Bitcoin briefly broke through the 69,000 USD level before stabilizing slightly above it, showing a decline of about 3.5% over 24 hours. Miners' revenue comes mainly from block rewards (about 90% of their revenue), with the rest coming from transaction fees. The mining difficulty reached a new all-time high in May 2026, with an increase of about 6% compared to April, despite falling revenues. Average energy costs to mine one Bitcoin are estimated at between 15,000 USD and 20,000 USD in 2026, according to sector reports. The Bitcoin network's hashrate remains high, at around 600 EH/s , despite falling revenues. This network resilience, however, is accompanied by increased pressure on marginal miners. No official announcement of a massive capitulation has been recorded, but closures of mining sites in Asia and North America have been reported by local sources. Why it matters The hashprice is a key indicator for assessing the economic health of the Bitcoin network. It combines the hashrate (total computing power) and the price of Bitcoin to estimate miners' revenues. A prolonged decline in this indicator can lead to closures of unprofitable mining sites , a reduction in network security (via a drop in hashrate), and increased selling pressure if miners must liquidate Bitcoin reserves to cover their costs. The current decline in hashprice adds indirect selling pressure on the market. Miners could be forced to sell reserves to cover their costs, which could exacerbate short-term volatility, especially if the price of Bitcoin remains below 70,000 USD . The mining players most exposed are those with high energy costs, notably those using unsubsidized fossil energy. A wave of liquidations or closures could reduce the hashrate, but would also free up capacity for the most efficient players. The correlation between hashprice and the price of Bitcoin remains strong. A continued decline in hashprice could fuel fears of miner capitulation , a scenario often associated with market bottoms. The CryptoScore of 79/100 for Bitcoin suggests structural resilience, but current data indicates increased pressure. To Watch The miners' break-even threshold : a drop in hashprice below 30 USD/PH/d could trigger massive shutdowns, with a potential impact on the hashrate and network security. The Bitcoin price reaction : a rebound above 73,000 USD could restore confidence and reduce selling pressure from miners. The weekly data : the upcoming reports on hashrate and miner revenues, scheduled for June 9, 2026, will be crucial to confirm or invalidate the current trend. The mining site shutdowns : their scale and location could influence market dynamics and network security. The energy costs : an increase or decrease in these costs could change miners' profitability and their ability to sustain operations.