$BTC $XRP

Bitcoin's price has an energy cost floor. Miner pressure is beginning to show.

The real-world energy economy (WAHA power):
Operational costs (Operating expenses): 5.9 cents per kWh → Break-even point at around $66,000 Bitcoin price.
Total cost (Operation + Capital + Downtimes + Taxes): 8.6 cents per kWh → Break-even point at around $96,000 Bitcoin price.

Current Bitcoin price: approximately $91,000.

- Reality: Miners are currently generating positive cash flow to cover operations, but they are losing in the long run (when all costs are considered).

Look at the Bitcoin hashrate (Hashrate): It has stopped accelerating and rising. Why? Because the current price is below the growth floor of $96,000.
Result: New investments have completely halted.

- Cleansing phase:
- The most efficient miners can withstand up to a $66,000 price.
- Weaker devices (cost more than $90,000 per Bitcoin) are currently operating at a loss.

These miners are not planning to exit early; they are bleeding until they are forced to shut down.

- Result:
The exit of weak miners does not mean the price has peaked; it is a healing phase for the network.

Bitcoin can temporarily trade below its energy floor,
but it cannot stay there for long.

- The deeper law: Why does this floor increase over time?
The market sets Bitcoin's price at the margin (new trades),
but the floor reflects the total work and energy accumulated.

The price (floor) ≈ energy spent per issued Bitcoin.

Over time:
- More energy is permanently locked inside the (blockchain) record.
- Fewer new coins are issued to absorb that energy.

Thus, energy per coin must rise — these are just mathematical calculations.

Again:
Bitcoin can temporarily trade below its energy floor,
but it cannot sustain itself there for long.

- Conclusion: This is a buy signal.
$BTC