Based on ChainCatcher, the average cash cost to mine a single bitcoin has reached $74,600, with total costs including depreciation and stock-based compensation (SBC) reaching $137,800. As network hash rate surpasses 1 ZH/s, competition intensifies, leading to declining mining margins. Many public miners are reallocating computing power to AI and high-performance computing (HPC) workloads, which offer higher profitability. The industry is splitting into two business models: infrastructure providers repurposing mining data centers for high-margin tasks, and traditional miners operating in a near-zero-margin environment. Analysts note that high mining costs reflect Bitcoin's scarcity, potentially contributing to its current price rise.
Bitcoin Mining Cash Cost Hits $74,600 as Industry Shifts to AI and HPC
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