Ki Young Ju says miners face less selling pressure as BTC mining cost averages $59,774

Bitcoin miners are no longer under pressure to sell their holdings, CryptoQuant CEO Ki Young Ju said on X. He added that Marathon Holdings (MARA), a major publicly traded mining company, has an average Bitcoin production cost of $59,774 per BTC, well below the current market price.

Hashrate has also risen for the past two months after ending a nine-month downtrend, Ki said. He explained that an increase in mining equipment signals mining companies are optimistic about further gains in Bitcoin prices.

Source: Coinness