Miner capitulation-style sell-offs occur again as bitcoin's $70,000 price fails to cover the $87,000 production cost.

According to CoinWorld, Bitcoin is currently trading about 20% below its estimated average production cost of $87,000, which increases financial pressure on miners. The current spot price, close to $70,000, has forced some less efficient mining farms to cease operations, as evidenced by a 20% drop in network hashrate from its peak in October. Although the hashrate has stabilized at around 913 EH/s, many miners remain unprofitable, causing them to continuously sell Bitcoin to cover operational costs and debts.