Since this year's Bitcoin halving, the Bitcoin hash rate has remained constant between 500 EH and 714 EH. As of today, the global hash rate has exceeded 834 EH. Throughout this year's hash rate fluctuations, the resistance level has consistently been in the 714 EH range. During this time, mining devices below 140T have generally not been profitable. The process of this year's bull market differs significantly from previous bull markets, with the core difference being the cost of electricity. In the past, electricity costs in China's overall environment were generally in the range of 0.2 to 0.36 Yuan. After 2021, the electricity cost for Bitcoin mining has consistently remained in the range of 0.695 cents to 0.5 to 0.7 Yuan per kWh. The rise in electricity costs indicates that the pressure resistance of mining machines will become very poor. New types of mining machines have emerged only after October 2023. As of now, based on market evaluations, the latest devices have chips around five nanometers, with a constant power consumption of 12 watts per T. The latest devices from 2020 had a power consumption of about 38 watts per T, meaning that from 2020 to before October 2023, the power consumption range for air-cooled devices was between 20 watts and 38 watts per T. As of April 20th, devices below 140T in this range have no profits in the electricity cost space of 0.6 to 0.7 Yuan, meaning that after the halving in 2023, new hash power is strong with devices above 140T. This global Bitcoin hash rate exceeding 834 EH signifies that the income from new devices is gradually decreasing. From this year to the next two years, it will take a long time for five-nanometer chips to upgrade to three-nanometer chips. In other words, the upward growth space of 834 EH this year corresponds to the current Bitcoin price space above 70,000. As of today, if the hash rate continues to stabilize within a week at no less than 700 EH, then Bitcoin's price will continue to rise with the growth of the hash rate. Previous data comparisons also signify this hash rate breakthrough, marking the official start of the bull market. Today's decline represents a signal for Bitcoin's retaliatory rise. Based on a profit of 0.00000067 Bitcoin per T, a 140T mining machine at today's price performance equals a gross profit of 45.1 Yuan. With the global static electricity price at 0.4 Yuan per kWh, the daily electricity cost for a 140T rated power consumption would be 32.1 Yuan. Based on the current static payback period, it would take approximately 1000 days. If Bitcoin falls below 66,800 today, then the mining machine models before October 2023 will enter a negative profit situation. Currently, the difficulty adjustment in major mining pools has been in the last 1 to 2 days. When the pressure resistance is weak, and the hash rate cannot support normal profits, a hash rate decline will occur. This year, up to now, has been a total of ten months. After breaking through, all data performances will surpass previous records. Today's adjustment will create the feasibility for tomorrow's retaliatory rise.

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