CoinShares: Bitcoin mining costs hit record high of $49,500

According to a report from CoinShares, cited by Bitcoin.comNews, the cost of Bitcoin mining has reached record levels in the third quarter. If only cash expenses are calculated, the production cost of each Bitcoin is about $49,500; if additional expenses such as depreciation and stock compensation are included, the average cost is as high as $961,00. Chief researcher James Butterfill pointed out that despite the high costs, miners are still expanding infrastructure and planning further investments in anticipation of future price increases.

Previously, the total network computing power of Bitcoin exceeded 800 EH/s, reaching 803.75 EH/s, a historic high; the current average network computing power for the past seven days is 749.05 EH/s. Due to high interest rates and volatility in the cryptocurrency market, mining companies have limited financing channels and often raise funds through stock offerings.