PANews reported on May 13 that CryptoQuant analyst Axel Adler Jr posted on the X platform that the current average cost of BTC mining is about $36,800 per coin. The price difference between the current BTC market price and the mining cost of a single BTC is 182%. This is basically the average profit margin. This level corresponds to the beginning of the bull market cycle in November 2022 and the peak price of $100,000 in this cycle. A price increase above this level will restore miners' earnings to the level after the last halving and reach excess profits equivalent to the beginning of the bull market in January 2023.