"Bitcoin current price is not at a level where mining companies face a severe crisis." When Bitcoin was moving sideways in the $80,000~ $90,000 range, some claimed that the average mining cost per Bitcoin was $100,000. I said at the time that this number was exaggerated. If the true average production cost had really been $100,000, then at today’s price levels some mining companies would already have gone bankrupt or faced serious financial trouble. However, we have not seen signs of that. Recently, as btc price dropped toward the $70,000 level, a new argument has appeared: that the current price is below mining production costs, and therefore mining companies are now in serious danger. In simple terms, some are saying, “This price level must hold, or miners cannot survive.” But in reality, that is not the case. At the current price, some companies may see lower profits, or even no net profit. However, this does not mean the entire mining industry is facing a structural crisis. Unlike in the past, many mining companies today have stronger balance sheets and better operational efficiency. They are more capable of handling short-term pressure than many people assume. Even when Bitcoin briefly moved below $70,000, there were no clear signs of panic selling from major miners or large-scale shutdowns of mining operations. When the time is right, I will make the full data public.(mignolet)