BTC could fall below $60K amid accelerating miner exodus: Analysis

An accelerating exodus of Bitcoin miners could push the price below $60,000 in the medium term, Cointelegraph reported, citing data from Capriole Investments. The analysis suggests that short-term downward pressure is increasing, based on current mining costs and hashrate indicators. As of January this year, the average electricity cost to mine one Bitcoin was approximately $59,450, with the total mining cost at around $74,300. With Bitcoin currently trading near $82,000, there is still room for a price correction before miners begin to incur substantial losses. The report noted that historically, Bitcoin's price has tended to revert to a level reflecting mining electricity costs following prolonged downturns. If this pattern repeats, a potential price bottom could form between $59,000 and $74,000.