COST OF "MINING" 1 BTC AT PEAK – MINERS ARE UNDER THE GREATEST PRESSURE OF THE CYCLE
The market usually only looks at BTC price fluctuations, but one force that is silently "straining" and currently under the most direct pressure is the miners. According to the latest data from Cryptorank & CoinShares, the cost to mine 1 Bitcoin has reached a record high.
Cash Cost: ~74,600 USD/BTC
All-in Cost: ~137,800 USD/BTC, including electricity, depreciation of ASIC machines, interest, personnel, and operations.
With the current BTC price range around 90,000 – 100,000 USD, from an accounting perspective, most pure mining companies are losing money on each BTC mined. This indicates that cost pressure in the mining industry is at an extremely high level, especially after halving.
In the previous cycle, stages where costs far exceeded prices often led to significant attrition, industry-wide restructuring, and a concentration of hash-rate into units with cheap capital and cheap electricity. This is an important macro variable that is often overlooked by investors.
