The Miner Mag report shows that the Bitcoin mining cost will exceed $70,000 in Q2 2025 (a 9.4% increase quarter-on-quarter), mainly due to the growth of network hash rate and soaring energy prices (for example, Terawulf's electricity costs have doubled year-on-year). The miners' profit margin has narrowed to 51%, a new low since the halving in 2023.

Analysis by Qinqi

Risk of cost inversion: Currently, the price of Bitcoin at $106,000 is still above the cost line, but if it falls below $80,000, it will trigger a wave of shutdowns (referencing the mining disaster in June 2022); Industry reshuffling signals: Mining sites in high electricity cost areas (such as Germany at $0.42 per kWh) are being eliminated at an accelerated pace, while the market share in low-cost energy areas (like Texas at $0.03 per kWh) has risen to 65%; On-chain insights: The growth in hash rate suggests miners are bullish on future markets, but caution is needed regarding hash rate sell pressure after the Q3 rainy season ends. Short-term holders can build positions in batches at the $75,000 cost line to avoid high-leverage contracts.