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⛏The average cost of mining one Bitcoin now exceeds $80,000.
At the same time, Bitcoin itself is trading below $70,000.
Currently, mining is becoming extremely unprofitable, as it costs more to mine a coin than it can be sold for on the market.
💸But this is not the first time Bitcoin has fallen below the average mining cost. Historically, miners continue to mine and accumulate coins during such periods, holding them in reserves to sell later when the price rises again and profitability returns.
#btc