NEW YORK / LONDON (IT BOLTWISE) – Bitcoin recently saw a notable price increase to $91,950, while its production cost stands at $83,873. Miner margins are extremely tight, indicating a possible stabilization of the market. Historically, this often leads to a decrease in selling pressure and a recovery in the Bitcoin price.
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Bitcoin has recently seen a notable price increase to $91,950, while its production cost is $83,873. Miner margins are extremely tight, indicating a possible stabilization of the market. Historically, this often leads to a decrease in selling pressure and a recovery in the Bitcoin price.
The current situation in the Bitcoin mining sector shows that miner margins have shrunk to just 4.9%, which is one of the lowest measurements in the current cycle. These tight margins have often acted as a stabilizing factor in the past, as inefficient miners are forced out of the market, difficulty is adjusted, and miners’ selling pressure noticeably decreases. This creates a kind of “silent support” that Bitcoin forms during transition phases between fear-driven selling and long-term accumulation.
Another important aspect is the increase in network competition, which has weighed on miner profitability. In October, Bitcoin’s hashrate reached a record 1.16 ZH/s while the price of BTC fell to $81,000. Hash prices, or the revenue miners earn per unit of computing power, have fallen below the median of $45 per PH/s. This extends payback periods for mining rigs to over 1,200 days, while rising financing costs and increased miner credit pressures further exacerbate the situation.
Although many mining companies are shifting their activities towards AI and high-performance computing, revenue from these services is still too small to offset the sharp decline in Bitcoin mining revenue. This is why the current compression of miner margins matters. As miner stress increases and the spot price approaches production costs, the market often enters a reset phase in which weaker miners exit, difficulty drops, and overall selling pressure subsides.
In addition to the miners’ data, Bitcoin’s Dynamic Range Network Value to Transaction (NVT) has fallen below its NVT low of 194 and is now in the network’s so-called “value zone.” A low NVT value means that Bitcoin’s market cap is lagging behind the strength of its on-chain transactions, a condition that usually occurs late in corrections. Historically, this has been a constructive development, often setting the stage for a broader reversal once sentiment turns bullish.
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