CandleFocus $96,100 per Bitcoin (BTC) for Miners: What's Happening?
2024-11-03
Author: Content Editor
The average cost to produce a Bitcoin (BTC) has reached $96,100 for publicly traded miners, including non-cash costs such as depreciation and stock-based compensation. Cash costs rose to $49,500 per BTC in Q2, 2024, up from $47,200 in Q1 due to the increasing complexity and capital intensity of mining conditions. Miners are expanding their infrastructure despite high production costs, hoping for a rise in Bitcoin price to support future profitability. Miners are facing operational challenges such as difficulty in obtaining credit at a good rate and high interest rates. To fund their operations, many miners are issuing shares, resulting in dilution of ownership. Mining companies are exploring options like fixed-rate power contracts, high-density setups, and artificial intelligence to manage rising costs. BTC miners are under pressure to improve cost efficiency and find alternative revenue streams as the industry prepares for another halving.
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