Morgan Stanley's latest research report presents a harsh reality: the average cost of Bitcoin mining is now stuck at around $90,000 (assuming electricity costs $0.05 per kWh). What's even worse is that for every $0.01 increase in electricity price, the cost line for high-cost mining farms jumps by $18,000.

What does this mean? If the coin price can't hold at this level, miners will have to switch to the "sell coins to pay electricity bills" mode. In fact, quite a few miners can’t hold on anymore and have started selling off their holdings to recover funds.

The current situation is that the miners' average cost line is just barely above water, and any slight misstep could drown them.