Bitcoin miners are showing signs of migration due to rising electricity costs and declining hashrate. Data shows that the average electricity cost to mine a single Bitcoin is currently around $59,450, with net production costs around $74,300. Although Bitcoin is trading at around $82,500, higher than the average miner cost, Charles Edwards, founder of Capriole Investments, says the market still has room to fall to the $74,300 to $59,450 range. Furthermore, Bitcoin's hashrate dropped to a mid-2025 level at the end of January, which analysts believe is related to miners reallocating resources to AI projects and winter storms in the US. According to energy value models, Bitcoin's current fair value is around $120,950. Jeff Feng, co-founder of Sei Labs, stated that network difficulty adjusts after a hashrate decline, and historically, Bitcoin has typically reverted to its energy value after a prolonged decline. (Cointelegraph)