On June 7, Tether CEO Paolo Ardoino posted a Dragon Ball image on X. In the picture, characters join forces to hold up a Spirit Bomb marked with the BTC logo. The caption reads “One Community,” calling on the crypto community to stand together during a bear market. Bitcoin’s total network hashrate has fallen significantly since late May, dropping from 1030 EH/s to 885 EH/s, a cumulative decrease of 145 EH/s.
Paolo Ardoino Shares a Dragon Ball Image, Calls for Unity in a Bear Market
（Source: Paolo Ardoino）
Tether CEO Paolo Ardoino posted a 《Dragon Ball》 comic image on X. The scene shows characters working together to lift a Spirit Bomb labeled with the BTC logo, with the caption “One Community.” Through this, he speaks to the entire crypto community, urging industry participants and investors to stay united and get through the tough times together during the bear market phase.
Analysis of Ted Pillows’ Power Cost Model (June 6, 2026)
On June 6, crypto analyst Ted Pillows explained on X that, based on historical data, during bear markets Bitcoin has never fallen below the electricity production cost. Bear markets, he said, often bottom out around this key price level. He noted that Bitcoin’s current electricity cost is about $48,694.
Ted Pillows said that if the current downtrend continues, Bitcoin could find support around $50,000. He also pointed out the limitations of this analysis: only if unusual global events occur—such as global crises on the scale of an economic recession or a COVID-19-level pandemic—would Bitcoin’s price temporarily fall below electricity costs due to panic selling.
CryptoOnchain’s On-Chain Technical Indicators Analysis
CryptoQuant analyst CryptoOnchain pointed out the following confirming figures:
RSI (14): dropped to near the extreme oversold level of 6.4
EMA50/200: showing a “death cross” pattern (a bearish signal)
Binance Bitcoin net outflows: -0.58σ (Bitcoin is continuing to flow out of Binance, indicating accumulation rather than panic selling)
Open interest: still remains at a high level
CryptoOnchain said that technical indicators are showing bearish signals, but the Binance Bitcoin outflow data also reflects that holders are accumulating. He added that, given open interest remains elevated, the risk of a long squeeze cannot be ignored.
FAQ
What does a sharp drop in Bitcoin hashrate mean for miners?
According to comments from Elektron Energy CEO, the hashrate dropping from 1030 EH/s to 885 EH/s (-145 EH/s) is the result of miners shutting down at scale due to reduced profitability. The hashrate price has fallen by nearly 27% within 30 days. Since the block generation time has exceeded the 10-minute target, mining difficulty is expected to be reduced by about 10.76%, which will lower the mining difficulty for remaining miners.
What is the “power cost” mentioned by Ted Pillows, and what is the current number?
A power cost model estimates Bitcoin’s basic production cost by measuring the electricity required for mining. It represents the lowest price at which miners can sustain operations over the long term. On June 6, Ted Pillows said Bitcoin’s current power cost is approximately $48,694. This is Ted Pillows’ personal analysis and assessment, not an official or market-consensus figure.
What does Binance Bitcoin net outflows of -0.58σ mean?
CryptoOnchain explained that a negative net outflow value (-0.58σ) indicates Bitcoin is continuing to flow out of the Binance exchange. This is typically interpreted as holders transferring Bitcoin to self-custody wallets for accumulation rather than preparing to sell. CryptoOnchain also emphasized that technical indicators (RSI 6.4, death cross) show bearish signals, and the high open interest still leaves the risk of a long squeeze.
