I keep coming back to this chart.
Average Bitcoin mining production cost: $71,130.
BTC spot: ~$61,000.
Miners are paying ~14% more to produce each coin than they can sell it for. The operational floor (bare minimum to keep machines running) sits at $44,610. So they're not shutting down yet. But they're bleeding.
This is one of the rarest conditions in Bitcoin's history. The people who invested millions in hardware and energy contracts are underwater on every coin they produce. It doesn't last long. Either price recovers toward production cost, or miners capitulate and hash rate drops until the math rebalances.
Both paths have historically resolved upward within 1-3 months.
Not calling a bottom. Just pointing at the math. 📊
Chart:
@ForeDex_Global