Bitcoin Mining Costs Surpass $70,000, Squeezing Miners’ Profit Margins

The cost of Bitcoin mining has surged to over $70,000, surpassing the current market price, mainly due to rising energy costs and reduced block rewards following the 2024 halving. This has squeezed miners' profit margins and increased operational pressure. Although Bitcoin’s hash rate remains high, miners’ Bitcoin reserves have dropped significantly, indicating that some miners are selling Bitcoin through over-the-counter channels to cope with rising costs. Currently, miners are facing a break-even situation, with smaller miners experiencing particularly acute survival pressure.