Opinion: Increased miner migration intensifies bearish sentiment, and Bitcoin may fall below $60,000

Odaily Planet Daily reports that due to rising electricity costs and declining hash rates, Bitcoin miners are showing signs of migration. Data shows that the current average electricity cost to mine a single Bitcoin is approximately $59,450, with net production expenses around $74,300. Although the Bitcoin trading price is about $82,500, higher than the average cost for miners, Charles Edwards, founder of Capriole Investments, states that the market still has room to fall to the $74,300 to $59,450 range.

Additionally, at the end of January, Bitcoin’s hash rate dropped to mid-2025 levels. Analysts believe this is related to miners reallocating resources to AI businesses and the US winter storms. According to the energy value model, Bitcoin’s current fair price is approximately $120,950. Jeff Feng, co-founder of Sei Labs, said that after the hash rate declines, network difficulty will adjust accordingly, and historically, Bitcoin tends to revert to energy value after long-term declines. (Cointelegraph)