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Bitdeer sold 288.4 Bitcoin during the week ending September 25 after mining 288.1 BTC, leaving the Nasdaq-listed miner with zero Bitcoin holdings. The figures show that Bitdeer sold slightly more BTC than it produced during the period.
The activity came as Bitcoin tested a price level closely watched across the mining sector. Bitcoin recently climbed above USD 85,000 for the first time in 280 days. JPMorgan estimates that level as the average cost of mining one BTC.
Bitcoin later traded around USD 84,187 on September 25, placing it slightly below that estimated production cost. As a result, the market remained near a level that could influence miner cash flow and selling needs.
Bitdeer’s latest figures show no net Bitcoin accumulation during the week. The company mined 288.1 BTC but sold 288.4 BTC, leaving its reported Bitcoin holdings at zero. That approach differs from a strategy in which miners retain part of their production as treasury assets. Instead, selling newly mined coins limits the company’s direct exposure to future Bitcoin price changes through accumulated BTC reserves.
The broader cryptocurrency market was mostly higher on September 26. Pluang reported that 41 of 50 major cryptocurrencies had gained as of 11:41 WIB. Among notable movers, SXP fell 46.27%, while BAL gained 11.14% and GRT rose 8.61%. Pluang also reported that sell orders represented 97% of GRT activity on its platform.
Bitcoin’s price recovery has added another variable to miner economics. The cryptocurrency moved above USD 85,000 during September before falling back below that level by September 25.
JPMorgan describes Bitcoin’s estimated production cost as a 'soft floor' rather than a fixed minimum price. The figure represents a broad estimate of industry mining economics.
The distinction matters since individual miners face different electricity prices, equipment costs, financing expenses, and operating conditions. Therefore, USD 85,000 does not represent an exact break-even point for every mining company.
Bitcoin can also trade at estimated production costs for extended periods. In 2018, the cryptocurrency remained below the estimated cost of production for about 224 days.
During such periods, higher-cost miners can face stronger financial pressure. Some may sell more Bitcoin, shut down equipment, reduce activity, or leave the market altogether.
JPMorgan estimated Bitcoin’s average mining cost at about USD 78,000 in June, when BTC traded near USD 62,500. CoinShares estimated at the time that roughly 20% of miners operated at a loss.
The latest increase to roughly USD 85,000 therefore provides an updated reference point. Still, Bitcoin briefly moving above that threshold does not automatically remove financial pressure across the sector.
Bitcoin staying above production costs for longer could reduce liquidity pressure for some operators. Miners near the industry’s average cost may need fewer Bitcoin sales to meet operating expenses.
The duration of that move remains important. A short rise above USD 85,000 may not materially change equipment purchases, financing decisions, treasury policies, or daily operating requirements.
JPMorgan’s framework suggests the effect would depend on how long prices remain above production costs and how each miner’s expenses compare with the sector average. Meanwhile, mining conditions have also changed. JPMorgan reported that Bitcoin’s hash rate had fallen about 19% from its October peak, while mining difficulty had declined about 15%.
Read More: How Bitcoin Technical Analysis Works
Some miners have also shifted resources toward artificial intelligence infrastructure. That transition adds another factor to decisions about equipment, capital allocation, and the amount of computing capacity directed toward Bitcoin mining.
If less-efficient miners reduce operations, network competition can eventually decline for those that remain. Yet that adjustment does not happen at the same pace across the industry.
Bitcoin’s September 25 price of about USD 84,187 kept the cryptocurrency just below JPMorgan’s estimated USD 85,000 mining-cost benchmark. At the same time, Bitdeer’s weekly figures showed continued sales of newly produced Bitcoin rather than accumulation.
Bitdeer mined 288.1 BTC and sold 288.4 BTC during the latest week, keeping its Bitcoin holdings at zero. Meanwhile, Bitcoin remained close to JPMorgan’s estimated USD 85,000 production cost, a level that could affect miner selling pressure if prices stay above it for longer.
