Crypto: Bitcoin's 'miner Exodus' Could Push BTC Price Below $60k 2026

Still, Bitcoin often rebounds toward its energy value after long downtrends, with one model pointing to a fair price near $121,000.

A Bitcoin (BTC) metric tracking the electricity cost to mine one coin is flashing a warning for the bulls, with a so-called “miner exodus” adding to the bearish outlook.

BTC could fall toward the $59,000–$74,000 miner cost zone.

Big hash rate drops often precede rebounds toward Bitcoin’s energy value at $121,000.

As of January, the estimated average in electricity costs to mine a single Bitcoin is $59,450, while the net production expenditure is about $74,300, according to data from crypto-focused hedge fund Capriole Investments.

Bitcoin was trading at around $82,500 on Friday, still above the miners’ estimated costs.

Many miners can keep operating even if the price declines below the average cost. The market has room to fall toward the $74,300–$59,450 zone before they feel real pain, according to Charles Edwards, the founder of Capriole Investments.

“This has expanded the potential range for near-term downside,” he said, further citing an ongoing “Bitcoin miner exodus” behind the bearish outlook.

Related: Bitcoin loses crucial $84K support: How low can BTC price go?

Bitcoin’s hash rate dropped to mid-2025 levels at the end of January, with some analysts speculating that BTC miners reallocated their resources to power AI operations instead. In contrast, others blamed the US winter storm for the drop in BTC hash rates.

Source: CoinTelegraph