The price of Bitcoin is about $87000 lower than the average production cost

On February 5th, the price of Bitcoin hovered above $70000, which is about $87000 lower than the current average production cost, with a difference of about 20%. This situation is a typical feature of bear markets. Previously, in the bear markets of 2019 and 2022, the market price of Bitcoin was also lower than the average production cost, but eventually rebounded. After reaching a peak of about 1100 EH/s in October last year, the overall computing power of Bitcoin has decreased by about 20%, and has now rebounded to 913 EH/s and begun to stabilize. At current prices, many miners are still unable to make a profit and need to sell Bitcoin to maintain operations.