The Oncheen data point to the beginning of the surrender of Bitcoin miners. The analyst under the pseudonym Killa notes that the current ratio of the first cryptocurrency’s price to the complexity of mining exactly replicates the patterns of previous bear cycles, making this phase one of the clearest signals for accumulating an asset. The expert assumes that the absolute minimum of the current cycle can be updated later, against a general correction of stock markets, and that the final bottom will be formed by the end of the year.

Capriole Investments founder Charles Edwards confirmed that Bitcoin is now trading near its production cost. He estimates that the average mine margin has fallen below 5%, and total costs to extract one BTC have reached $61,200, of which almost $49,000 is for electricity alone. Historically, the approach of market prices to these critical points often foreshadows the formation of a long-term market bottom.

Despite the pressure on margin, the complexity of mining in the network continues to grow steadily: at the end of May it increased by 1.72%, reaching the level of 138,96 T. The mining companies' financial position was supported by the hardware market - in May, their shares rose after Nvidia reported record revenue of $81.6 billion for the first quarter of fiscal year 2027, which is 85% higher than a year ago.