$BTC mining is now operating below cost

According to a regression model by Checkonchain, the average cost of mining one Bitcoin as of mid-March is estimated at around $88,000 — while BTC itself is trading near $66,000.

That leaves miners facing an average loss of roughly $22,000 per coin.👀

And the pressure is only increasing.

Rising energy costs, driven in part by geopolitical tensions in the Middle East, are further compressing already thin margins.

📉 What this means:

— A growing number of miners may be forced to shut down

— Selling pressure could increase as operations become unprofitable

— The market may be approaching a stress point for mining infrastructure

👉 Historically, periods where mining drops below cost often precede major shifts in market dynamics.