First of all, we have a fact that the cost of miners is a hard support for the price of Bitcoin. Since the emergence of professional Bitcoin mining machines, individual miners have been eliminated. Those who open mining farms are all big money. This should be a consensus.
Then the mine owners will use futures and other tools to ensure the income from mining. When the price of the currency falls below the break-even price, they will stop mining and invest the electricity fee in buying Bitcoin, thus forming an effective support. Will the price of the currency fall below the production cost price? Of course it is possible, but it will not last long.
The following figure is the break-even table of ASIC mining machines in August found on Twitter. The current mainstream mining machines are S19 and S19pro (the backward production capacity is only more or less). We try to calculate in a conservative way, and the electricity cost is also calculated at the lowest 0.3 yuan (that is, 0.04 dollars in the table). The break-even price should be a little less than 20,000 dollars, so let's calculate it at 1.9w. The mine needs to hire people for maintenance, the mining equipment has a damage failure rate, and there are comprehensive operating costs. These are conservatively calculated at 30% (if you think the comprehensive operating costs are not that high, it is possible that you have not run a company), so 2.47w should be the production cost of the mine.
There is actually logic behind the strong support for 2.5w.
