The cost of Bitcoin mining has soared to over $70,000, exceeding the current market price, mainly due to rising energy costs and a reduction in block rewards after the 2024 halving. This has compressed miners' profit margins and increased operational pressure. Although Bitcoin's hash rate remains high, the reserves of Bitcoin held by miners have significantly decreased, indicating that some miners are selling Bitcoin through over-the-counter channels to cope with rising costs. Currently, miners are facing a break-even situation, with small miners experiencing particularly significant survival pressure.