Opinion: Miner migration intensifies bearish sentiment, Bitcoin may fall below $60000 Odaily Planet Daily News: Due to rising electricity costs and decreasing hash rates, Bitcoin miners are showing signs of migration. The data shows that the average electricity cost for mining a single Bitcoin is currently around $59450, with a net production expenditure of approximately $74300. Although the trading price of Bitcoin is around $82500, higher than the average cost for miners, Charles Edwards, founder of Capriole Investments, stated that there is still room for the market to fall into the range of $74300 to $59450. In addition, the Bitcoin hash rate dropped to mid-2025 levels at the end of January, which analysis suggests is related to miners reallocating resources to AI businesses and the US winter storm. According to the Energy Value Model, the current fair price of Bitcoin is approximately $120950. Jeff Feng, co-founder of Sei Labs, stated that as the hash rate decreases, network difficulty will adjust accordingly, and historically Bitcoin has typically returned to its energy value after a long-term decline.