The cost of mining a Bitcoin is almost half what it was in early June as more efficient hardware hits the markets resulting in a drop in energy demand for the network.
,000, which would align with the 80%+ drawdowns in the previous two bear markets. Bitcoin is currently trading down 70% from its November all-time high.
Bitcoin production cost peaked just after the price peaks in April and November 2021 and has fallen back as markets did, so it is correlated but lags price movements.Cambridge University’s Bitcoin energy consumption index currently that the network’s estimated daily power demand is 9.59 Gigawatts. This is a decline of 33% over the past month and is down 40% from the 2022 peak demand of almost 16 GW in February.Additionally, a significant number of miners have powered down older, more inefficient mining rigs as they have become unprofitable to operate due to surging energy prices and a collapse in BTC prices.
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