According to Wu Blockchain, data from CryptoRank indicates that the average cash cost for publicly listed mining companies to produce one Bitcoin has reached approximately $74,600. When factoring in depreciation and stock-based compensation (SBC), the total cost rises to around $137,800. As Bitcoin's total network hash rate surpasses the symbolic threshold of 1 ZH/s, competition has intensified significantly, leading to a rapid decline in mining profitability. This has prompted some mining companies to shift their computing power and data center assets toward AI and HPC (high-performance computing) businesses in pursuit of higher profits.
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