Average Cost to Produce 1 BTC Among Public Miners

The average cash cost to mine one bitcoin has reached $74,600, while the all-in cost including depreciation and SBC climbed to $137,800.

With network hashrate surpassing the symbolic 1 ZH/s milestone, competition has intensified and mining profitability has sharply declined. This shift is pushing many public miners to reallocate capacity toward AI/HPC workloads, where margins are significantly higher than in traditional BTC mining.

As a result, the industry is splitting into two distinct models:

• Infrastructure providers repurposing mining data centers for high-margin compute tasks
• Traditional miners operating in a more competitive, near–zero-margin environment