Bitcoin’s surge to $91,950 on Nov. 26 has brought the market to a crucial crossroads, with mining statistics pointing to a possible spark for continued gains.
Capriole Investments reports
, Bitcoin’s current production expense is $83,873, while the base electricity cost is $67,099, meaning miners are operating close to their break-even point. This situation, along with falling hash prices and a high hashrate, has pushed the sector to a decisive moment.
The network’s hashrate reached an all-time high
of 1.16 ZH/s in October, even as
BTC
prices slipped back toward $81,000, underscoring the increasing pressure on miners’ profit margins.
Profit margins for Bitcoin miners have narrowed to just 4.9%, among the lowest in this cycle, as intensified competition and rising borrowing costs eat into profits. Hash prices—which measure earnings per unit of computing power—dropped below $35 per hash on Nov. 25, well under the $45/PH/s average that public miners have achieved.
This has lengthened the payback time
for mining equipment to over 1,200 days, adding further strain on mining operations. Historically, such slim margins have helped stabilize the market,
prompting less efficient miners to exit
and easing supply pressure. This “silent support” has often provided a price floor for Bitcoin during shifts from panic selling to longer-term accumulation.
The Network Value to Transactions (NVT) ratio, a significant on-chain indicator, has dropped below its lower threshold—a signal that has often preceded a final price dip before a bullish phase. This points to a possible consolidation period following recent market swings. At the same time, the revival of
Bitcoin
mining in China—even after the 2021 prohibition—adds further complexity.
Data from the industry shows
that China’s share of the global mining market has climbed back to 14%, fueled by inexpensive electricity in energy-rich regions like Xinjiang. Although not officially sanctioned, this comeback could bolster demand and prices for BTC, especially as miners benefit from lower energy expenses.
On a broader scale, institutional sentiment toward Bitcoin continues to strengthen.
According to NASDAQ-listed KindlyMD
, the company held 5,398 BTC as of Nov. 12, 2025, with an average purchase price of $118,204 per coin, highlighting the growing role of institutions. Meanwhile,
Binance’s latest removal
of BTC trading pairs such as GMT/BTC and ME/BTC reflects risk management strategies amid changing regulatory environments. These developments demonstrate the crypto market’s increasing maturity, as liquidity shifts and compliance become routine.
Looking forward, the balance between miner earnings and market trends is likely to influence Bitcoin’s direction. Experts point out that periods of low margins often come before price rallies, as the departure of less efficient miners reduces selling and helps stabilize the network. However, the current landscape is complicated by wider economic factors, including higher interest rates and evolving regulations. While some forecasts for 2025–2030 see BTC reaching $180,000–$250,000,
these projections depend on sustained institutional interest
, technological progress, and supportive economic conditions.
As the market deals with these influences, the narrowing of miner profits and the revival of mining in China could serve as signals against bearish outlooks. The next few months will reveal whether these factors can drive a lasting upward trend for Bitcoin.
