BTC may be near market bottom, trading at miner break-even cost

Bitcoin may be trading near a market bottom as its price approaches the break-even point for large mining companies, according to cryptocurrency analyst Murphy (@Murphychen888) on X. An analysis of four publicly traded mining firms—MARA Holdings, Riot Platforms, CleanSpark, and Bitfarms—revealed that their cost to mine one BTC is similar to the current market price. While electricity costs alone account for around $30,000 per coin, corporate expenses such as labor, financing, and depreciation add to the total cost. Murphy noted that in past bear markets, Bitcoin's price has historically dipped below its production cost before recovering, suggesting the current price range could represent a floor. He added that it has now become more expensive for these major companies to mine BTC than to purchase it directly on the market.