HomeUncategorizedMineflation: Cost to mine one Bitcoin in the US rises from $5K to $17K in 2023 By Cointelegraph

Mineflation: Cost to mine one Bitcoin in the US rises from $5K to $17K in 2023 By Cointelegraph

April 30, 2023

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© Reuters.

It now costs (BTC) miners at least $17,000 to produce one BTC in the U.S. versus the $5,000-10,000 range a year ago, according to Bitcoin mining data resource Hashrate Index and Luxor.

Unsurprisingly, soaring electricity rates across the U.S. states have contributed to rising Bitcoin mining costs.

Average industrial rate rise between January 2022 and 2023. Source: EIA/Hashrate Index/Luxor
Bitcoin hashprice (in the dollar terms). Source: Hashrate Index/Luxor
Power cost to produce 1 BTC across U.S. states. Source: EIA/Hashrate Index/Luxor
Forecasts for wholesale electricity prices in the U.S. Source: Hashrate Index/Luxor/EIA
Bitcoin mining stocks performance in 2023. Source: Hashrate Index/Luxor/EIA