CoinDesk Podcast Network Why Bitcoin Miners Are Losing $19,000 per Coin | CoinDesk Daily
Mar 23, 2026
Miners are losing $19,000 per coin as production costs outpace Bitcoin prices. Rising energy costs tied to Middle East tensions are forcing sales and liquidations. South Korea shows major stablecoin outflows and retail capital shifting into equities. Trading platforms see a rotation toward commodities like oil and silver for continuous price discovery.
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Miners Are Producing Bitcoin At A Loss
- Bitcoin miners' average production cost hit $88,000 per coin, far above market price.
- CheckOnChain's difficulty regression shows miners face a roughly $19,000 loss per BTC when price sits below $69,000.
Energy Shock Is Forcing Miner Liquidations
- Rising energy costs from the Middle East conflict are driving miner stress and forced selling.
- Oil topping $100 and Strait of Hormuz disruptions pushed electricity costs up, causing miners to liquidate BTC to cover operations.
Korean Retail Liquidity Is Moving Out Of Crypto
- South Korea's retail crypto liquidity has fallen sharply as stablecoin balances on five largest exchanges dropped 55% since July.
- Weakening won past 1,500 per dollar prompted traders to cash out Tether-like stablecoins and redeploy into domestic equities.