There is no bottom at all. The following viewpoints are also wrong, and we are still at a high altitude now.

#当前行情抄底还是观望？
Bitcoin has long fallen below $60,000 and below the production cost: Are miners "surrendering" and market bottom signals emerging?
Currently, Bitcoin is priced at around $60,000, while estimates from multiple institutions suggest the average production cost is about $87,000. This means Bitcoin's price is approximately 26% below the cost line, and many miners are facing the dilemma of "losing money as soon as they turn on the machine."
Looking back at history, prolonged periods below production costs often reflect deep market adjustments—similar situations appeared during the bear markets of 2019 and 2022. Prices usually need time to rebalance with hash rate and energy costs before bottoming out and rebounding.
Hash Rate Changes Confirm Industry Pressure
After reaching a peak of about 1.1 ZH/s in October last year, the total network hash rate declined by about 20% due to the shutdown of outdated, high-energy-consuming mining rigs. Recently, it has slightly rebounded to 913 EH/s, showing initial signs of stabilization, but it remains relatively low, indicating some miners have exited or reduced production.
"Miner Surrender" Continues
Because current mining profits are insufficient to cover electricity, operational, and debt costs, miners are forced to continue selling Bitcoin reserves to maintain operations. This selling pressure not only increases market supply but also exposes the financial stress faced by the industry. We are in a typical "miner surrender" phase—when weaker players gradually exit, cost structures are reshaped, often laying the foundation for subsequent market recovery.
Future Focus
If prices remain below production costs for a long time, it may further force hash rate clearance and equipment iteration. As inefficient capacity is eliminated, the overall mining cost is expected to gradually decrease, and industry concentration may increase. Historically, easing miner selling pressure and hash rate bottoming out are often signs of market sentiment reaching its lowest point.