Bitcoin miners are facing a tough time due to the increasing cost of production, leading to a surge in selloffs.

Bitcoin miners are under pressure due to the growing cost of production, with many now selling their BTC holdings. This is evident in the recent uptick in mining pool transfers and surge in Over-the-counter (OTC) desk sales.

The cost of mining a single Bitcoin has increased significantly since the halving event in April, with the average cost now standing at $77,000. This has led to a wave of capitulation among Bitcoin miners, with many selling their holdings as the price of Bitcoin fluctuates between $69,000 and $71,000.

The situation is similar on OTC desks, with a surge in sales. On Monday, miners sold 1,200 Bitcoin through OTC desks, marking the highest daily volume in over two months. Several United States Bitcoin companies have been busy offloading their Bitcoin holdings.

Marathon Digital Holdings Inc has offloaded 1,400 Bitcoins compared to May when it sold only 390 units. The sales represent 8% of its Bitcoin holdings.

The low mining revenue is fueling the selling activity, with miners' revenue dropping by approximately 55% since March. This plunge in miners' revenue is a major concern for the market.

There are expectations that Bitcoin could reach $100,000 by the end of June, but the selling pressure may impact negatively on the price in the short-term. With time, it is expected that the market would balance out with more liquidity.

At this point, BTC could head for its bull run if the demand from spot Bitcoin ETF issuers remains intact.