CoinMeta data: Analyst Nikolaos Panigirtzoglou pointed out in a report on September 23 that the production cost of Bitcoin is around $85,000, calling it the market's "soft bottom." Bitcoin has been trading below this price for 280 days, and miners have not been able to make a profit. Although Bitcoin briefly rose to $87,000 earlier this week, providing miners with a brief respite, the current price is still about 2.4% below the production cost. The analyst stated that if this new situation continues, it will provide relief for Bitcoin miners and reduce the risk of them being forced to sell.