Cryptocurrency miners are facing a tough time again. I just reviewed the numbers, and the situation looks quite tight: while mining cryptocurrencies at a competitive level requires covering production costs of around $87,000 per bitcoin, the current price is hovering around $73,600, leaving a significant negative margin.

This is not new in the market cycle, but it's interesting to observe how the pressure on miners intensifies when the price fails to recover. Recently, BTC tried to break upward but did not do so sustainably. Many operators involved in mining cryptocurrencies are making tough decisions: some are shutting down equipment, others are looking to move to regions with cheaper energy.

What catches my attention is that this miner capitulation cycle is quite predictable. When the price drops below operational costs, liquidation pressure increases, which can generate more short-term volatility. For those considering entering cryptocurrency mining or already involved, these periods are critical for assessing actual profitability versus expectations.