[Analysis: Bitcoin's current price is about 20% lower than the average production cost, miners enter the 'capitulation' phase] According to Coindesk, Checkonchain data shows that Bitcoin's current price is approximately $70,000, which is below its estimated average production cost of around $87,000, a gap of about 20%. Historically, Bitcoin prices remaining below production costs have often been a characteristic of bear markets, with similar situations occurring during the market cycles of 2019 and 2022. After reaching a historical peak of approximately 1.1 ZH/s in October last year, the total network hash rate dropped by about 20% due to the shutdown of less efficient mining machines but has recently rebounded to 913 EH/s, showing initial signs of stabilization. However, at the current price level, many miners are still operating at a loss. To maintain daily operations, cover energy costs, and repay debts, miners are continuously selling their Bitcoin reserves. This phenomenon of 'miner capitulation' highlights the ongoing financial pressure faced by the industry.