Bitdeer sold slightly more bitcoin than it mined in the week ended Sept. 25, leaving the Nasdaq-listed miner with no bitcoin on its balance sheet. The company produced 288.1 BTC and sold 288.4 BTC, a sign that it continues to convert new output into cash rather than hold reserves.
Bitdeer keeps bitcoin holdings at zero
The weekly update shows no net accumulation. By selling essentially all freshly mined coins, Bitdeer limits direct exposure to future price swings through a bitcoin treasury. That contrasts with miners that retain part of production as a store of value.
The disclosure arrived as bitcoin traded near a closely watched threshold for the mining industry.
Bitcoin tests $85,000 mining-cost benchmark
Bitcoin rose above $85,000 for the first time in 280 days before pulling back. On Sept. 25, it traded around $84,187, just below JPMorgan’s estimate of the average cost to mine one bitcoin.
JPMorgan calls that estimate a “soft floor,” not a hard break-even level. Individual miners face different power contracts, hardware costs, financing terms and operating conditions, so the $85,000 figure is an industry-wide reference rather than a universal threshold.
Why the $85,000 level matters
When bitcoin trades below estimated production costs, higher-cost miners can come under pressure. They may sell more coins, idle equipment, cut operations or exit the market. Bitcoin stayed below its estimated production cost for about 224 days in 2018, illustrating that such periods can last.
JPMorgan had put the average mining cost near $78,000 in June, when bitcoin traded around $62,500. CoinShares estimated at the time that roughly 20% of miners were operating at a loss. The updated $85,000 estimate gives the market a new reference point, though a brief move above it does not erase financial stress across the sector.
Miner selling pressure could ease if prices hold
A sustained move above production costs could reduce liquidity pressure for some operators. Miners near the industry average may need fewer bitcoin sales to cover expenses. Duration matters: a short spike above $85,000 is unlikely to change equipment purchases, financing plans or treasury policies in a meaningful way.
Mining conditions have also shifted. JPMorgan reported that bitcoin’s hash rate had fallen about 19% from its October peak, while difficulty had dropped about 15%. Some miners are redirecting resources toward artificial intelligence infrastructure, adding another variable to decisions about capital and computing capacity.
The bottom line
Bitdeer’s latest figures show a miner selling all of its weekly production while bitcoin hovers near JPMorgan’s $85,000 cost estimate. If prices remain above that level for longer, selling pressure from some miners could ease. A brief test of the threshold, however, is unlikely to change the industry’s economics on its own.