According to the source, Bitcoin mining margins have tightened since the April 2024 halving cut the block subsidy to 3.125 BTC, reducing baseline issuance-linked revenue by 50 percent, per BTC.com halving data. Network difficulty and hashrate pushed to record highs through 2024, diluting revenue per terahash and raising the cost to find a block, according to Hashrate Index metrics by Luxor. At power prices around 7–10 cents per kWh, many older S19-class ASICs operate near or below cash break-even post-halving, based on Hashrate Index breakeven models and Bitmain efficiency specifications. For trading, monitor hashprice (USD/TH/day), difficulty adjustments, and the fee share of miner revenue; increases in fees or declines in difficulty can temporarily lift miner margins and reduce sell pressure, per Hashrate Index data and mempool fee statistics. On-chain analytics show miner-to-exchange BTC flows tend to rise when hashprice compresses, which can add incremental supply pressure on BTC, according to Glassnode research.