The price of bitcoin is currently trading close to $82,000, and there are significant disparities in mining costs among leading public firms. The estimated average cost to mine one BTC is $85,233, based on electricity consumption models. However, major publicly traded mining firms have reported per-coin costs ranging from as low as $21,000 to over $48,000. These discrepancies highlight the operational differences among mining companies. The estimates provided by Macromicro.me, which uses the Cambridge Bitcoin Electricity Consumption Index, only consider electricity costs and do not include operational expenses. Certain firms, such as MARA, have lower costs due to energy procurement strategies and scaled operations, while others like Hive Digital Technologies face higher costs. Firms that are operating below $25,000 per BTC have a comfortable margin of profitability, while those exceeding $30,000 have narrowing margins. Profitability ultimately depends on operational discipline, and some firms could sustain profitability at lower bitcoin prices, while others would need higher prices to avoid losses. The mining industry remains one of stark economic contrasts.



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