A Bitcoin metric tracking mining costs signals potential price drops, with a miner exodus adding to bearish sentiment. The estimated average electricity cost to mine one Bitcoin is $59,450, with a net production expenditure of $74,300. Bitcoin’s hash rate dropped, possibly due to miners reallocating resources or US winter storms.

Despite hash rate drops, Bitcoin has historically rebounded and stabilized after miners shut down operations. After China’s 2021 mining ban, the hash rate fell 50%, causing BTC to drop from $64,000 to $29,000 before recovering to $69,000. Bitcoin’s fair price was around $120,950, based on its energy value metric.

Read more at Cointelegraph: Bitcoin ‘Miner Exodus’ Risks Crashing BTC Price Below $60K