The current ratio of Bitcoin's price to mining difficulty mirrors patterns seen in previous bear cycles, according to an expert known as Killa.
Source: X.Killa believes that the capitulation phase is the clearest signal for accumulating digital gold. He suggested that the final low of the current Bitcoin cycle may be reached later, likely amid a correction in the stock markets, with the bear market bottom forming by the end of this year.
Charles Edwards, founder of Capriole Investments, confirmed that Bitcoin is trading at its production cost. According to him, the average margin for miners has fallen below 5%.
Source: X.Edwards estimated the total cost of producing one BTC at $61,200, with electricity costs accounting for about $48,965. When the market price approaches these levels, it often signals the formation of a long-term bottom.
On May 29, following a recalibration, the mining difficulty for Bitcoin increased by 1.72%, rising to 138.96 T.
Source: CloverPool.It is worth noting that in May, shares of Bitcoin miners rose after Nvidia released its earnings report, which showed revenue of $81.6 billion for the first financial quarter of 2027—an 85% increase year-over-year.