According to CoinMeta, Wu said that Matthew Sigel, the head of digital asset research at Vaneck, published an analysis indicating that Bitcoin’s overall network computing power is approaching a historical high (1,038 EH /s), with the next halving expected to occur in April 2028. Based on an Ant Miner S21 XP priced at $3,459, electricity costs of $0.08 per kilowatt-hour, stable network computing power, and a three-year depreciation period, the average price of Bitcoin would need to reach around $100,000 to achieve break-even during the period until the halving. To achieve a pure cash return by the end of 2028, the price of Bitcoin would need to reach approximately $116,000, whereas the current actual market price of Bitcoin is only around $77,500.