>At $52 per PH/s/Day, hashprice is close to – or at – breakeven for many miners depending on operating cost and machine model type. 

[Source](https://hashrateindex.com/blog/hashrate-index-roundup-june-23-2025/)

Yes

I would say the biggest factor is higher than expected difficulty 

On the first point, is that because price has stayed pretty flat while difficulty has continued rising?

Undisciplined

econ

Is increased merchant adoption reducing bitcoin's purchasing power?

Interesting theory but I think miner profits and ETF flows are the 2 biggest factors affecting NGU

1. most miners are still struggling to break even and have been forced to sell more bitcoin (hodl less) to stay alive... July and August should be interesting since a lot of miners turn off their machines because hot summer months means higher electric bills 

2. ETF flow is a new important factor to monitor, https://jan3.com/monthly-etf-flows/



