According to the results research According to CoinShares employees, the cost of mining one bitcoin in the third quarter of 2024 reached $55,950.
Compared to the second quarter, when miners spent an average of $49,500 to mine Bitcoin, the cost of mining 1 BTC has increased by 13% to $55,950. Given the current cryptocurrency rate of $102,230, it turns out that Bitcoin mining brings an impressive profit of 83%.
Marathon is the most efficient Bitcoin miner, spending $42,864 to mine 1 BTC. The worst performer is Argo, which spends $90,943 to mine one Bitcoin.
The cost of mining one bitcoin in different companies
The increase in cryptocurrency mining costs was explained by the following factors:
- Increased decentralization of mining due to the fact that hashrate the network is growing faster than the computing power of individual mining farms;
- Slowdown in scaling digital asset mining due to the hype around AI technology;
- Miners buy and store bitcoins instead of purchasing new equipment;
- The cost of electricity has increased.
The top expenses for Bitcoin miners include electricity, non-production costs, and losses incurred due to equipment wear and tear. Some companies also have to spend a lot of money on debt repayments.
