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In fact, the current bitcoin mining difficulty is at historic highs, with computing power jumping over 100% in 2023. CoinShares predicts this to fall off after the halving with a “miner exodus.” The company also said the “average cost of production per coin” could normalize at just under $38,000 post-halving, given the complicated interrelation between hardware and electricity costs, difficulty levels and the cost structures that determine whether certain miners are making or losing money, which determines how many miners are on the network.