Viewpoint: Miner Migration Intensifies Bearish Sentiment, Bitcoin Could Fall Below $60,000

Odaily According to reports, Bitcoin miners are showing signs of migration due to rising electricity costs and a decline in hash rate. Data shows that the current average electricity cost to mine a single Bitcoin is approximately $59,450, with a net production cost around $74,300. Although Bitcoin is trading at about $82,500, above the average miner cost, Charles Edwards, founder of Capriole Investments, stated that the market still has room to fall into the range of $74,300 to $59,450.

Furthermore, Bitcoin's hash rate dropped to mid-2025 levels at the end of January. Analysis suggests this is related to miners reallocating resources to AI businesses and winter storms in the United States. According to the energy value model, Bitcoin's current fair price is approximately $120,950. Jeff Feng, co-founder of Sei Labs, mentioned that after a hash rate decline, the network difficulty adjusts accordingly. Historically, Bitcoin has typically reverted to its energy value after prolonged declines. (Cointelegraph)