Opinion: Increased miner migration intensifies bearish sentiment, and Bitcoin may fall below $60,000

SmartContractAuditor · 2026-01-30T11:36:37+00:00

Bitcoin miners are migrating due to rising electricity costs and declining hash rates, with mining costs reaching $74,300. Despite the current Bitcoin price at $82,500, the market may still retrace to the cost range. The hash rate has dropped to 2025 levels, possibly due to miners shifting to AI businesses and adverse weather conditions. The fair price of Bitcoin is approximately $120,950.

SmartContractAuditor

2026-01-30 11:36:37

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Odaily Planet Daily reports that due to rising electricity costs and declining hash rates, Bitcoin miners are showing signs of migration. Data indicates that the current average electricity cost to mine a single Bitcoin is approximately $59,450, with net production expenses around $74,300. Although the Bitcoin trading price is about $82,500, higher than the average cost for miners, Charles Edwards, founder of Capriole Investments, states that the market still has room to fall to the $74,300 to $59,450 range.

Additionally, at the end of January, Bitcoin’s hash rate dropped to mid-2025 levels. Analysts believe this is related to miners reallocating resources to AI businesses and the US winter storms. According to the energy value model, Bitcoin’s current fair price is approximately $120,950. Jeff Feng, co-founder of Sei Labs, said that after the hash rate declines, network difficulty will adjust accordingly, and historically, Bitcoin tends to revert to energy value after long-term declines. (Cointelegraph)

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