Bitcoin’s estimated electrical production cost is now near $53.5K.
A month ago it was around $60K, and in Q4 2025 it was close to $71K.
The decline is happening quickly.
Historically, $BTC has found its cycle bottom above this cost level. However, during deeper bear markets, the production cost itself trends lower.
So a move below $45K wouldn’t be shocking before the true market bottom forms.