Bitdeer Sells More Bitcoin Than It Mined as BTC Hovers Near Mining Cost
Bitdeer sold 288.4 Bitcoin in the week ending September 25 after mining 288.1 BTC, leaving its Bitcoin holdings at zero. Bitcoin briefly climbed above $85,000, a level JPMorgan estimates as the average mining cost, before trading around $84,187. The price movement highlights pressure on miner cash flow and selling decisions.
Bitdeer mined 288.1 BTC in the week through Sept. 25 but sold 288.4, ending with no Bitcoin reserves. That differs from miners that keep part of their output as long-term holdings, leaving Bitdeer less exposed to later price swings through accumulated coins.
JPMorgan treats about $85,000 as the sector's typical production expense and a flexible benchmark, not a fixed minimum. Costs vary by power, equipment, financing and operations. In 2018, BTC stayed under estimated production cost for about 224 days; in June, JPMorgan put average cost near $78,000 while CoinShares said roughly 20% of miners lost money.
Bitdeer's zero-holdings approach and BTC near estimated mining cost may affect miners' cash flow, workers, and local economies tied to mining operations. If prices stay below or near costs, some operators could cut activity or sell more coins, potentially pressuring crypto markets and investor sentiment. Households depending on mining jobs or energy revenues may feel indirect effects.