Miners appear to be entering a surrender phase again. Concerns about Bitcoin mining costs are increasing because production expenses closely follow the price. According to previous data, some miners experienced costs around $87,000, while Bitcoin is currently trading at approximately $80,900. This difference is large enough to make it difficult for marginal miners to turn a profit.

In fact, this is not a new situation. We experience similar things during each halving period and price declines. But this time is different because electricity costs and hardware prices are not decreasing at all. Miners in some regions have started to cut back their operations to reduce Bitcoin mining costs. Less efficient rigs are being shut down.

In the short term, this could lead to a decrease in the network hash rate. But looking at it historically, miners' surrender has helped establish a price floor. Now, we will see how long this imbalance between Bitcoin mining costs and the price will last.