The Truth Behind BTC Price Pressure: Is MSTR More Critical Than Miners? High-Cost Miners Have Started Selling Coins

Question

[Bitpush] Recently, BTC prices have been under continuous pressure, and an analysis team from a certain Wall Street investment bank has provided an interesting perspective—whether MSTR, the world’s largest BTC holder, can hold on is more critical than whether miners are selling their coins.

Speaking of miners, they’re indeed having a tough time right now. As you can see, both BTC network hashrate and mining difficulty have been dropping recently. There are actually two factors at play here: on one hand, domestic policies have reiterated control measures on private mining; on the other hand, with the coin price remaining sluggish and energy costs soaring, overseas high-cost mining farms can’t hang on and are shutting down and exiting the market.

In theory, a drop in hashrate should be good news for the remaining miners, but the problem is that the current BTC price is not even above the production cost line. The institution has adjusted BTC’s production cost down from last month’s $94,000 to $90,000 (based on $0.05/kWh electricity cost). What’s worse is that for every $0.01 increase in electricity price, high-cost miners’ costs go up by $18,000.

As a result, quite a few high-cost miners have already been forced to sell coins in the past few weeks to recoup losses. This wave of selling pressure, combined with market concerns over MSTR’s next moves, is making BTC’s short-term outlook look rather bleak.

CryptoMotivator · Accepted Answer

LOL, so now the key isn't the miners anymore? What if MSTR can't hold on either, haha.

CryptoDouble-O-Seven · Answer

Is MSTR more crucial than miners? That's a joke—where else could this guy even go? It's the miners who are really about to run away.

The price hasn't even reached the cost line—how are you supposed to do business like this? High-cost miners should have shut down a long time ago.

If electricity prices go up, the whole chain collapses—that's real pressure.

Can MSTR hold up? Just look at the stock price, no one is that tough.

Miners selling coins and pushing down prices has been happening for a while; it's just that no one wants to talk about it.

Hashrate dropping is actually a good thing—the ones who stay are the real warriors.

WalletInspector · Answer

Whether MSTR can hold on ultimately depends on whether Saylor still believes in Bitcoin... The miners have long been squeezed out.

not_your_keys · Answer

Ha, is whether MSTR can hold up more important than the miners? That logic is a bit wild, feels like they're saying institutional players can determine price direction more than the producers.

Miners really are having a tough time—haven't even covered their costs and still have to sell coins, no wonder the hashrate is dropping sharply.

With domestic regulation and rising energy prices, it makes sense that overseas mining farms are shutting down under this double pressure.

But as I see it, the real pressure still comes from the fact that no one has clearly explained where the bottom is.

ApeWithNoFear · Answer

Haha, MSTR not being able to hold on is the real problem. Miners have long been used to buying the dip.

The drop in hash rate is truly great news for the survivors; this round of shakeout is just filtering out who is tough enough.

$90,000 cost line? If electricity prices go up, it's a bloodbath. High-cost miners should have been eliminated long ago.

If MSTR starts dumping, that’s real despair—no one will buy the dip in Bitcoin anymore.

The mining crackdown in China is really tough this time; high-cost overseas miners are getting wiped out.

StakeTillRetire · Answer

The probability of MSTR holding up is indeed not small, but the real ticking time bomb is still on the miners' side...

Speaking of which, a $90,000 cost line is a bit risky for the current coin price.

High-cost miners have already started to exit, so who can still hold on next?

A drop in hash rate sounds nice, but if the coin price doesn't go up, it's all for nothing... that's the reality.

This is truly a test of faith this time. If MSTR can hold on, that's already pretty good.

GameFiCritic · Answer

There’s no way MSTR can hold up, just look at Saylor’s mentality—whenever the price drops, he starts showing off his muscles. When it really comes down to it, whether he can actually hold is still up in the air.

Seeing that miners’ production cost is $90,000 is just exhausting. The current coin price can’t cover it at all, so shutting down high-cost mining farms is actually the right choice.

Hashrate dropping shows the market is self-clearing, but the problem is it’s not thorough enough. More players need to exit for this situation to truly straighten out.

Honestly, I do believe the viewpoint that MSTR is more important than the miners, because institutions’ conviction in their holdings is much stronger than miners’.

The core issue isn’t whether miners are selling coins, it’s that the production cost baseline is fundamentally unscientific—$0.05 electricity price is way too idealistic.

Once energy costs break a critical threshold, the whole situation unravels automatically. Analysis can’t save miners who are forced to capitulate.