BTC price now below average mining cost, squeezing miners

The pressure on Bitcoin miners could intensify as the price of BTC has plummeted nearly 50% from its October high, Decrypt reported. Julio Moreno, a senior analyst at CryptoQuant, explained that the average cost for a miner to produce one BTC is estimated to be between $70,000 and $80,000. He noted this is higher than the current price of Bitcoin. The outlet added that, considering various other factors, the mining cost for publicly listed BTC mining companies is estimated to average between $60,000 and $80,000. Consequently, miners could face a crisis as the price of BTC continues to fall.