Bitcoin miners have set the price floor for the market traditionally. I’ve always calculated this as a combination of national energy costs where mining is most prevalent and mining equipment purchases.
This has always given me confidence when buying during the bear market lows and helps give a foundation to prices historically.
But now, we are seeing adoption of Bitcoin for the fundamental utilities such as a store of value against inflation, government corruption, and censorship.
That is the unknown value added onto that mining floor price.