Miners are even at a loss with this price

According to mining platform, Bitdeer, “After calculating by 0.075/kWh electricity fee, 3% mining pool fee and service fee, we saw the need to remind you that T17 and T17+ have reached the shutdown price.

Anytime the output is less than the electricity cost, we advise miners to stop mining to avoid running into loss.”

Bitcoin mining profitability has plummeted by more than 75% from the market peak. It is now at its lowest level since October 2020, and any sell-off from here might drive it back into 2017 territory. Bitcoin is currently going through its longest losing streak in history.

TL;DR: Buckle up, folks!!