Bitcoin

when

April

Yield

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 <p class="paragraph">Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="production" href="https://thebittimes.com/tag/production.html">production</a> <a rel="noopener noreferrer nofollow" title="costs" href="https://thebittimes.com/tag/costs.html">costs</a> have reached record highs post-<a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a>, as the same mining effort now renders half the revenue. Thus, Bitcoin’s price must meet the <a rel="noopener noreferrer nofollow" title="production" href="https://thebittimes.com/tag/production.html">production</a> cost threshold to avoid industry turmoil and increased centralization for the leading cryptocurrency.</p>
 <p class="paragraph">Charles Edwards, founder of <em>Capriole Investments</em>, reported an electrical cost of $77,400 per Bitcoin mined on April 22. Therefore, as of this writing, Bitcoin miners spend $11,000 more in electricity for each mined BTC, currently worth $66,175.</p>
 <p class="paragraph">Furthermore, <em>Capriole</em>‘s <a rel="noopener noreferrer nofollow" title="production" href="https://thebittimes.com/tag/production.html">production</a> cost is staggering at $128,989, resulting in $52,000 estimated losses to produce a single BTC.</p>
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="728" src="https://cdn.thebittimes.com/images/2024/04/23/3fe100a242bdd6d1c3ceabeafa60a4fe.webp" alt class="wp-image-171040" srcset="https://cdn.thebittimes.com/images/2024/04/23/3fe100a242bdd6d1c3ceabeafa60a4fe.webp 1024w, https://cdn.thebittimes.com/images/2024/04/23/3fe100a242bdd6d1c3ceabeafa60a4fe.webp 300w, https://cdn.thebittimes.com/images/2024/04/23/3fe100a242bdd6d1c3ceabeafa60a4fe.webp 768w, https://cdn.thebittimes.com/images/2024/04/23/3fe100a242bdd6d1c3ceabeafa60a4fe.webp 1183w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin Production Cost and Electrical Cost. Source: <em>Capriole Investments</em>
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 </figure>
 <h2 class="wp-block-heading" id="h-macromicro-s-average-mining-cost-and-luxor-s-hashprice-index">MacroMicro’s average mining cost and Luxor’s Hashprice index</h2>
 <p class="paragraph">Meanwhile, data from <em>MacroMicro</em> shows a less-worse cost/price ratio of 1.57, according to estimates from <em>Cambridge University</em>. As per this data, Bitcoin’s average mining cost was above $102,000 on April 21, at historical highs in production costs, with miners theoretically losing around $36,000 for each BTC they issue.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="373" src="https://cdn.thebittimes.com/images/2024/04/23/d6a0de91ac76242bee2db5d6491b1382.webp" alt class="wp-image-171041" srcset="https://cdn.thebittimes.com/images/2024/04/23/d6a0de91ac76242bee2db5d6491b1382.webp 1024w, https://cdn.thebittimes.com/images/2024/04/23/d6a0de91ac76242bee2db5d6491b1382.webp 300w, https://cdn.thebittimes.com/images/2024/04/23/d6a0de91ac76242bee2db5d6491b1382.webp 768w, https://cdn.thebittimes.com/images/2024/04/23/d6a0de91ac76242bee2db5d6491b1382.webp 1536w, https://cdn.thebittimes.com/images/2024/04/23/d6a0de91ac76242bee2db5d6491b1382.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin – Average Mining Costs. Source: <em>MacroMicro</em>
  </figcaption>
 </figure>
 <p class="paragraph">Interestingly, another useful metric for determining whether Bitcoin miners are underwater is the Hashprice Index, coined by <em>Luxor</em>. This index estimates the expected reward for each Terahash per second (TH/s) miners produce in hashrate.</p>
 <p class="paragraph">With the halving, <em>Luxor</em>‘s Hashprice index reached an all-time low of 0.00000118 BTC (118 sats) per TH/s daily. It is worth noting that the mining difficulty adjustment increase also directly affects the Hashprice index, demanding more TH/s for the same amount of produced Bitcoin.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="762" src="https://cdn.thebittimes.com/images/2024/04/23/9ba09282793f587836d28947b9ce3f96.webp" alt class="wp-image-171042" srcset="https://cdn.thebittimes.com/images/2024/04/23/9ba09282793f587836d28947b9ce3f96.webp 1024w, https://cdn.thebittimes.com/images/2024/04/23/9ba09282793f587836d28947b9ce3f96.webp 300w, https://cdn.thebittimes.com/images/2024/04/23/9ba09282793f587836d28947b9ce3f96.webp 768w, https://cdn.thebittimes.com/images/2024/04/23/9ba09282793f587836d28947b9ce3f96.webp 1536w, https://cdn.thebittimes.com/images/2024/04/23/9ba09282793f587836d28947b9ce3f96.webp 1592w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin Hashprice Index. Source: <em>Luxor</em>
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 </figure>
 <h2 class="wp-block-heading" id="bitcoin-mining-companys-earnings-underwater">Bitcoin mining company’s earnings underwater</h2>
 <p class="paragraph">Notably, with the exception of Marathon Digital Holdings (NASDAQ: MARA) and Gryphon Digital Mining (NASDAQ: GRYP), all publicly traded Bitcoin mining companies reported losses in their activities. Data from <em>CompaniesMarketCap</em> shows that the 21 registered companies accumulated $1.27 billion in losses from their earnings report.</p>
 <p class="paragraph">However, these reports are all from pre-halving results when Bitcoin’s production costs were half what they currently are. In addition, when the Hashprice index was at least two times higher.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="446" src="https://cdn.thebittimes.com/images/2024/04/23/8e33817a22e3e339dd6bc38c2fe57596.webp" alt class="wp-image-171043" srcset="https://cdn.thebittimes.com/images/2024/04/23/8e33817a22e3e339dd6bc38c2fe57596.webp 1024w, https://cdn.thebittimes.com/images/2024/04/23/8e33817a22e3e339dd6bc38c2fe57596.webp 300w, https://cdn.thebittimes.com/images/2024/04/23/8e33817a22e3e339dd6bc38c2fe57596.webp 768w, https://cdn.thebittimes.com/images/2024/04/23/8e33817a22e3e339dd6bc38c2fe57596.webp 1536w, https://cdn.thebittimes.com/images/2024/04/23/8e33817a22e3e339dd6bc38c2fe57596.webp 1884w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Top publicly traded Bitcoin mining companies by earnings. Source: <em>CompaniesMarketCap</em>
  </figcaption>
 </figure>
 <p class="paragraph">In conclusion, current data suggests potential industry turmoil that could cause some Bitcoin mining companies to close. To prevent that, the Bitcoin price would need to rally above the estimated production costs, now at all-time highs.</p>
 <p class="paragraph">If the <a rel="noopener noreferrer nofollow" title="production" href="https://thebittimes.com/tag/production.html">production</a> <a rel="noopener noreferrer nofollow" title="costs" href="https://thebittimes.com/tag/costs.html">costs</a> remain higher than the mining rewards, measured in U.S. dollars, the Bitcoin network could centralize in a few big <a rel="noopener noreferrer nofollow" title="miners" href="https://thebittimes.com/tag/miners.html">miners</a>. Experts have warned about that for years, mentioning the Economy of Scale dynamics inherent to Bitcoin, which threatens the system’s security.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-miners-underwater-as-production-costs-surge-post-halving-tbt86223.html">https://thebittimes.com/bitcoin-miners-underwater-as-production-costs-surge-post-halving-tbt86223.html</a></p>

Bitcoin miners underwater as production costs surge post-halving

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