[Analysis: Bitcoin Miners' Cost Line Breached, Selling Pressure May Become a Short-Term Variable] Odaily Planet Daily reports that Checkonchain data shows Bitcoin's current market price of approximately $70,000 is below its average production cost of around $87,000, a difference of about 20%. Historically, Bitcoin prices falling below production costs are typically a characteristic of bear markets. During the bear markets of 2019 and 2022, Bitcoin prices also fell below production costs before gradually recovering. This production cost estimation model uses network difficulty as a proxy indicator for the industry's overall cost structure. Currently, the hash rate, which measures Bitcoin network computing power, dropped by about 20% after reaching a peak of 1.1 ZH/s in October and has now rebounded to 913 EH/s, showing some signs of stabilization. However, as many miners remain unprofitable at current price levels, they are continuing to sell their Bitcoin holdings to cover daily operational expenses, energy costs, and debt. (CoinDesk)