Bitcoin rallied to $91,950 on Nov. 26, with production cost at $83,873 and electrical cost at $67,099. Miner margins tighten at 4.9%, signaling industry stress. Hashrate hit 1.16 ZH/s in October, hash prices fell below $35 per hash, causing payback periods to stretch beyond 1,200 days. Mining income falls despite pivot to AI and high-power computing services.

Bitcoin’s Dynamic Range NVT falls below 194, signaling undervaluation of network activity. Historically, this precedes market reversal, but rarely marks the bottom. BTC may dip below $80,000 before rebounding. Compressed miner margins and NVT signal suggest a bottoming structure rather than a prolonged decline.

Read more at Cointelegraph: BTC Miner Margins Hit Cycle Lows Amid Bottom Talks