Plan B: Bitcoin prices are lower than mining costs, and attention should be paid to the trend of mining difficulty in the future

Analyst PlanB stated that the current Bitcoin price is lower than the mining cost, and as of September 16th, the mining difficulty of the entire network is about 127T. PlanB believes that mining difficulty is better able to characterize market prices than S2F and power-law models. If the mining difficulty increases, it means that miners are re increasing, and if the difficulty continues to decrease, the market is in a deleveraging stage.