When the price of 43,600,184,393 drops below the production cost, many miners have to shut down machines or sell their inventory of Bitcoin to cover operating expenses. This situation often occurs after a significant drop in Bitcoin, so 'miner capitulation' often marks the bottom.

As shown in the figure below, the average cost of mining 1 Bitcoin is currently about $90,000 (according to Blockware calculations), while Macro Micro estimates it to be $91,700.