It is estimated that in the second quarter, the median cost of mining a single Bitcoin has risen to over $70,000, as miners face the dual challenges of increasing network hash rate and rising energy prices.
According to a report released by Bitcoin mining research firm TheMinerMag on Monday, the median production cost of Bitcoin (BTC) has increased from $52,000 in the fourth quarter of 2024 to $64,000 in the first quarter of 2025. This cost is expected to rise by more than 9% in the second quarter.
TheMinerMag stated in its May/June industry update, "The direct production cost for the current quarter is expected to exceed $70,000."
An increase to $70,000 would mark a nearly 9.4% rise, which could put pressure on less efficient Bitcoin miners as their profit margins shrink.
Currently, the trading price of Bitcoin is around $107,635, and most miners still have enough buffer space—although the production cost estimates do not include factors such as the depreciation value of mining equipment and the Bitcoin earned from machines rented to customers.
As mining production costs rise, publicly listed companies have been focusing on improving operational efficiency as much as possible, especially regarding fleet hash rate costs (i.e., the cost of computing power to mine Bitcoin), TheMinerMag noted.
In the first quarter, the median fleet hash rate cost for public miners stabilized at about $34 per second per 10 trillion hashes (PH/s). However, according to the report, some companies, including Terawulf and Bitdeer, saw production costs rise by more than 25%.
Terawulf stated that the cost increase was primarily due to rising energy costs, with the price per kilowatt-hour (kWh) soaring to $0.081 in the first quarter, nearly double the $0.041/kWh in the first quarter of 2024.
Meanwhile, TheMinerMag indicated that the performance of Bitcoin mining stocks has diverged, with investors increasingly favoring companies that have income sources beyond Bitcoin mining.
While Bitcoin rose by 1.35% from May 4 to June 13, IREN (IREN) surged by 21.4% during the same period, and Core Scientific (CORZ), Bit Digital (BTBT), and Cipher Mining (CIFR) also achieved double-digit growth.
In contrast, Canaan (CAN) and Bitfarms (BITF) performed the worst, with stock prices falling by more than 21%.
TheMinerMag noted, "The gap between the best and worst-performing mining stocks has significantly widened, highlighting investors' growing concern for income diversification beyond Bitcoin mining."
AI hosting and high-performance computing services have been one of the main businesses Bitcoin miners have ventured into in recent months.
Related: El Salvador has purchased 240 Bitcoins (BTC) since reaching a non-accumulation agreement with the International Monetary Fund (IMF).
Original: “Bitcoin (BTC) Production Cost Rises 9% Due to Hash Rate Increase and Energy Price Surge”
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