The cost of electricity to produce 1 bitcoin is 60k The total production cost includes (electricity + warehouses + labor...etc) is much more than 60k Now BTC is trading on exchanges below 60k. The logic is simple => BTC is undervalued below 60k. You may think that BTC is like this chair. The cost of wood material to produce this chair is 6$. The total production cost includes (wood material cost + warehouse + labor +...etc) is much more than 6$, probably 10$ It is now selling on Amazon for $6 🙈