Just looked at the mining data and it's getting brutal out there. Miners are still underwater on production costs around $88k per coin while BTC is sitting around $72.68k now. That's a $15k+ loss per block, and with the difficulty dropping 7.76% last week, things aren't improving fast enough. The geopolitical situation is making it worse - oil prices and the Strait of Hormuz situation are pushing electricity costs higher for operations, especially those exposed to Middle Eastern energy markets. Hashrate has been falling steadily, block times are stretching past 10 minutes, and the network difficulty keeps adjusting downward as miners drop off. When production costs exceed what you can sell bitcoin for, miners have no choice but to dump coins to cover operations. That's adding serious supply pressure to the market right now. Some of the bigger players like Marathon and Cipher are pivoting into AI and data center work to diversify revenue streams - makes sense when straight mining turns into a loss leader. The next difficulty adjustment is coming in early April and it's expected to drop further if BTC doesn't push above $88k. So we're in this squeeze period where miners are forced sellers and the market has to absorb that pressure. The difficulty mechanism will eventually self-correct, but the damage to both miners and spot price happens in the meantime.