Bitcoin miners may be under pressure as profitability approaches break-even levels, prompting some market participants to view the situation as a potential accumulation signal.

According to NS3.AI, pseudonymous trader Killa said Bitcoin miners are “capitulating” and described the current setup as a signal to accumulate BTC.

Capriole Investments founder Charles Edwards said miners are near break-even, estimating Bitcoin’s production cost at around $61,200. Edwards added that electrical cost is about $48,965 and put miner margin at 4.67%.