BTC production cost doubled during the halving. This is part of why I think it will be very difficult for price to be suppressed for very long. Smart miners simply would not allow any additional supply to be released far below this price. The best miners have cash and BTC reserves as well. This wedge should break to the upside soon, if not the cycle will go MUCH longer than I expected. I would love for May new all-time-highs to be realized since I expect a recession next year and would like to exit all my alts except the few that are staked beyond 2024.