BTC Mining Cost Reaches 10-Month Lows of $13,000

Even as the price of Bitcoin and cryptocurrency in general tumbled some 60% in as many months, miners don’t seem to be winding down their efforts at all. In fact, in what could be seen as a doubling-down in the value of crypto, miners have been seemingly investing in both more powerful and more power-efficient rigs. While mining rig prices too have tumbled along with crypto prices, these aren’t small investments at all. Yet according to JPMorgan, they have allowed miners do decrease the average cost of mining a single Bitcoin down to $13,000 from its $24,000 average just a month ago.

The $13,000 figure is the lowest since September 2021. Remember that Bitcoin mining costs is affected not just by energy prices, but also by the amount of hash power available to the network, which automatically changes its mining difficulty to cater to higher (or lower) miner demand. And as energy prices have increased, miners have been taking less power-efficient rigs offline, which would cut into their profits – explaining the reduction in overall hash rate.