— but some friends of mine have provided some fascinating perspectives that I want to share. 👇
Bitcoin is up 25% from its April 9th low and there’s a handful of indicators that show a major bull market around the corner. Starting with the Average Miner Cost of Production.
In a rational economy, assets rarely trade below their cost of production. Now, what it costs to “mine” a Bitcoin is different for every miner – machine type, electricity cost, and uptime all play a role — but the analysts @BlockwareTeam have aggregated data to create a metric called the “industry average”.
This metric has timed each of the past 6 Bitcoin bottoms:
September 2024
November 2022
September 2020
March 2020
December 2018
April 2016
This metric is signaling a bottom right now.
