BTC is still staying above the estimated cost of mining one BTC, after falling below it in November 2022. This has historically marked a bear market bottom.

While we all look at countless articles about some death or golden cross happening on the charts while many just don't understand that lagging indicators showing us the past can not really predict the future. I think instead we should be looking at something much more fundamental about Crypto, the statistics around mining 1 BTC.

Mining one BTC (or "generating" as Satoshi coined it) is the most fundamental thing to Crypto, this is literally where it all started, at the Genesis block and even today the biggest Crypto event, The Halving, is tied to miners and the supply. So undoubtedly miners are one of the most important entities in Crypto.

Let's have a look now at how the BTC price was for them in the past:

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Bitcoin estimated cost of mining chart, from James V. Straten on Twitter/X

Here we can see the all-in cost of mining one singular Bitcoin, this is also a crucial number where miners are in deep losses and would need to make sacrifices that would ultimately be bearish for us all. During past bear market BTC always temporarily dipped below that all-in cost mark and went back up, which caused the final capitulation and bottom of the bear market.

The same happened now, due to FTX we had dipped below the market, which is at roughly $23.5k right now and even after the recent bearish sentiment we have not dipped below it just yet, showing how we may still be on course for a bottom.

While the bottom may actually be in, this does mean that we will just go now though. Just as in the past, even now we will be crabbing and having further pull-backs until the actual bull run starts one day, someday. Which is fine, Crypto is not a clean road, it is one full of obstacles, but one that leads to the ultimate treasure.