Bitcoin's 'miner exodus' could push BTC price below $60K

2 hours ago

A Bitcoin (BTC) metric tracking the energy outgo to excavation 1 coin is flashing a informing for the bulls, with a alleged “miner exodus” adding to the bearish outlook.

Key takeaways:

BTC could autumn toward the $59,000–$74,000 miner outgo zone.
Big hash complaint drops often precede rebounds toward Bitcoin’s vigor worth astatine $121,000.

Mining information hints BTC whitethorn diminution beneath $60,000

As of January, the estimated mean successful energy costs to excavation a azygous Bitcoin is $59,450, portion the nett accumulation expenditure is astir $74,300, according to data from crypto-focused hedge money Capriole Investments.

Bitcoin was trading astatine astir $82,500 connected Friday, inactive supra the miners’ estimated costs.

Many miners tin support operating adjacent if the terms declines beneath the mean cost. The marketplace has country to autumn toward the $74,300–$59,450 portion earlier they consciousness existent pain, according to Charles Edwards, the laminitis of Capriole Investments.

“This has expanded the imaginable scope for near-term downside,” helium said, further citing an ongoing “Bitcoin miner exodus” down the bearish outlook.

Bitcoin’s hash complaint dropped to mid-2025 levels astatine the extremity of January, with immoderate analysts speculating that BTC miners reallocated their resources to powerfulness AI operations instead. In contrast, others blamed the US wintertime tempest for the driblet successful BTC hash rates.

Hash complaint dips could beryllium bullish for Bitcoin

Bitcoin has seen hash complaint drops earlier and bounced back, according to Jeff Feng, co-founder of Sei Labs.

When immoderate miners unopen down, the web lowers mining trouble implicit time. That makes it easier and cheaper for the remaining miners to gain BTC, which stabilizes the network.

After China’s 2021 mining ban, for example, the hash complaint fell astir 50%, and BTC slid from astir $64,000 to $29,000. But the terms recovered to $69,000 wrong 5 months.

Bitcoin’s just terms was astir $120,950 arsenic of Friday, according to its energy value, a metric that estimates Bitcoin’s just worth based connected the network’s vigor and accumulation inputs.

Historically, BTC climbs backmost toward its vigor worth aft a prolonged downtrend.

For Bitcoin, that suggests that the terms could bottommost astir anyplace from $74,300 to $59,450, and immoderate rebound tin trigger a mean-reversion determination toward the vigor worth price.

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