Quick Facts:

➡️ Bitcoin miner margin compression alongside a Dynamic NVT ‘value zone’ historically points to late-stage stress before spot-led recovery phases.

➡️ Capriole Investments revealed that the production cost for Bitcoin is now at $83,873, while electricity costs start at $67,099.

➡️ Competing Bitcoin Layer 2s are experimenting with rollups, sidechains, and state channels, but differ widely in security assumptions, developer tooling, and liquidity strategies.

➡️ Bitcoin Hyper uses an SVM-powered Layer 2 to bring high-speed smart contracts and low-fee DeFi to $BTC holders for a faster, cheaper, and more scalable $BTC ecosystem.

Bitcoin’s on-chain picture looks strangely bullish for a market that still feels heavy.

Miner margins are scraping cycle lows, forcing weaker operator

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