Bitcoin miners lose $19,000 per coin produced, difficulty drops by 7.8%
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According to Checkonchain data, in mid-March the average production cost of bitcoin was about $88,000, while the market price was around $69,200, resulting in severe losses for miners. The tense geopolitical situation in the Middle East has pushed oil prices above $100 per barrel, effectively closing the Strait of Hormuz, raising electricity costs, impacting hash rate, slowing block generation times, and causing a significant drop in network difficulty. Miners are forced to sell more bitcoin and turn to artificial intelligence and high-performance computing sectors in search of stable income, further increasing market pressure.
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