Bitcoin mining costs surpass $70,000, miners face profit pressure and challenges

Bitcoin mining costs have soared above 70 thousand USD, exceeding the current market price. This is mainly due to rising energy costs and the reduction in block rewards after the 2024 halving, which squeezes miners' profit margins and increases operational pressure. Although Bitcoin's hash rate remains high, miners' profit margins are close to zero, with many miners operating at a breakeven point. Smaller mining farms face survival challenges. The Bitcoin reserves held by miners have significantly declined since March, indicating that some miners are cashing out through over-the-counter trades to cope with rising costs.