Bitcoin Trades Around $70,000, About 20% Below Estimated $87,000 Production Cost

Bitcoin traded just above $70,000 on Feb. 5, roughly 20% below the network's estimated average production cost of $87,000, a gap that has historically coincided with bear market conditions, BlockBeats reports. Network hashrate dropped about 20% after peaking near 1,100 EH/s in October 2024 and has since rebounded to 913 EH/s. Many miners remain unprofitable at current prices and continue to sell bitcoin to cover operating expenses, energy bills and debt repayments, as revenue falls short of costs.