Electrical Cost
Near Production CostEstimates the average cost to mine one Bitcoin based on network hashrate, mining hardware efficiency, and electricity costs. Price rarely stays below production cost for long — dips below signal miner capitulation and cycle bottoms.
When Bitcoin's price drops near the red line (mining cost), miners start losing money and shutting down — historically these are cycle bottoms. The further price is above cost, the healthier the market.
Methodology
Cost per BTC = (HashRate × Efficiency × 86400 × ElecRate) / DailyIssuance. Efficiency (J/TH) is estimated from known ASIC generations, interpolated log-linearly. Electricity rate assumed at $0.0635/kWh (global mining average). Smoothed with a 14-day moving average.
Zones
Last updated: 2026-03-23 | Data source: CoinMetrics Community
More Indicators
Supply Crossover
Sigmoid signal tracking profit vs loss holder regimes via MVRV ratio
MVRV Z-Score
Standard deviation of market cap vs realized cap — identifies macro tops and bottoms
200WMA Quantile
Where BTC price sits relative to its 200-week MA as a historical percentile
NUPL
Net Unrealized Profit/Loss of all holders as a fraction of market cap
Power Law Oscillator
Where BTC price sits relative to its long-term power law trend as a percentile
Fibonacci Retracement
BTC price vs the 0.618 golden ratio retracement level of each cycle
Ichimoku Cloud
Monthly Tenkan/Kijun death cross — BTC has bottomed 3-4 months after each historical cross
Sharpe Ratio
90-day risk-adjusted returns — extreme negative readings have marked every major cycle bottom
Mayer Multiple
Price / 200-day MA — below 0.6 has marked every generational buying opportunity