The cost to mine Bitcoin is currently around $24,000, but for miners to earn profits, Bitcoin’s price must rise above $40,000 after the next halving in 2024. The upcoming halving will reduce miners’ rewards by half, which puts pressure on Bitcoin to increase its value. However, recent data shows that Bitcoin is under selling pressure, with its Exchange Reserve increasing. Despite this, some metrics indicate a bullish market, such as the green aSOPR and high confidence among long-term holders. Sustaining the mining industry requires Bitcoin to raise its value in the coming months.
AI Sentiment: Positive
