ChainCatcher 消息，CryptoQuant 分析师 Axel Adler Jr 于 X 平台发文表示，目前 BTC 矿工挖矿的平均成本约为 3.68 万美元/枚。当前 BTC 市场价格与单枚 BTC 挖矿成本之间的价差为 182%。这基本上是平均利润率。这一水平对应着 2022 年 11 月牛市周期的开始和本轮周期的 10 万美元价格峰值。价格上涨超过这一水平将使矿工收益恢复至上一次减半后的水平，并达到与 2023 年 1 月牛市开始时相当的超额利润。

ChainCatcher 消息，CryptoQuant 分析师 Axel Adler Jr 于 X 平台发文表示，目前 BTC 矿工挖矿的平均成本约为 3.68 万美元/枚。当前 BTC 市场价格与单枚 BTC 挖矿成本之间的价差为 182%。这基本上是平均利润率。这一水平对应着 2022 年 11 月牛市周期的开始和本轮周期的 10 万美元价格峰值。价格上涨超过这一水平将使矿工收益恢复至上一次减半后的水平，并达到与 2023 年 1 月牛市开始时相当的超额利润。

分析师：当前 BTC 挖矿成本约 3.68 万美元，矿工利润率与 2022 年 11 月相当

According to ChainCatcher, Axel Adler Jr, an analyst at CryptoQuant, posted on X platform that the current average mining cost for BTC is approximately $36,800 per coin. The current market price of BTC is 182% higher than the mining cost per coin, which is essentially the average profit margin. This level corresponds to the beginning of the bull market cycle in November 2022 and the peak price of $100,000 in this cycle. Prices rising above this level would restore miners' earnings to the level after the last halving and achieve excess profits comparable to the start of the bull market in January 2023.

According to ChainCatcher, Axel Adler Jr, a CryptoQuant analyst, posted on X platform that the current average mining cost for BTC is approximately $36,800 per coin. The current price difference between BTC market price and mining cost per coin is 182%, which is essentially the average profit margin. This level corresponds to the beginning of the bull market cycle in November 2022 and the peak price of $100,000 in this cycle. Prices rising above this level would restore miners' earnings to the level after the last halving and achieve excess profits comparable to the start of the bull market in January 2023.

Analyst: The current BTC mining cost is about $36,800, and the miner profit margin is equivalent to November 2022

Following the controversy surrounding Fundstrat's Bitcoin views, co-founder Tom Lee responded, stating that the "contradictory predictions" seen by outsiders were actually research conclusions from different positions and timelines, not internal disagreements. Previously, Sean Farrell, head of digital asset strategy at Fundstrat, suggested that Bitcoin might retrace to the $60,000-$65,000 range in the first half of 2026; while Tom Lee believed Bitcoin could reach new highs, even surging to $200,000 as early as the beginning of 2026. A Fundstrat...

Tom Lee responds to Fundstrat's "contradictory" views on Bitcoin: Different positions, different timelines, not internal disagreements.

Source: Galaxy Research
Translation: Jinse Finance
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakout after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged liquidations, and the actions of whale...

Galaxy: 26 Predictions for the Crypto Market in 2026

A crypto user lost $50 million in USDT after falling for an address poisoning scam in a massive onchain exploit.
The theft, spotted by Web3 security firm Web3 Antivirus, occurred after the user sent a...