Data compiled by Woofun AI shows that Bitcoin miners' 7-day moving average daily revenue has fallen to approximately $30 million, a sharp decline from the over $50 million recorded last summer. Transaction fees have dwindled to under $250,000 per day, rendering them negligible relative to the block subsidy.

Woofun AI notes that the Bitcoin price of roughly $62,500 remains below JPMorgan's estimated production cost of $78,000, a condition persisting for five months. With an estimated 20% of miners operating at a loss, mining difficulty sensitivity to price has risen to 0.62. This led to a 10% difficulty drop in the second week of June, the second significant reduction this year during periods where price stayed under production costs.