Miners lose $19,000 per BTC mined

The current price of BTC is $68,000, with an average mining cost of $88,000.
For each BTC mined, there is a $20,000 loss.

Mining difficulty has decreased by 7.8%, which is a market self-correction—when miners can't sustain operations and shut down, the hash rate decreases, and difficulty follows. But even after the reduction, costs are still far above the coin price.

What does this mean?

Miners either continue mining at a loss, betting on a rebound, or shut down to cut losses. Many miners will choose to sell coins to maintain operations, resulting in ongoing selling pressure. This is also why market bottoms are often accompanied by miner capitulation—they're not necessarily bearish; they may simply be unable to hold on.

Conversely, a decrease in mining difficulty itself is also a bottom signal. Historically, each significant difficulty drop has indicated that the weakest miners have exited, leaving behind operators with lower costs and stronger resilience.