HomeUncategorizedMineflation: Cost to mine 1 Bitcoin in the US rises from $5K to $17K in a year By Cointelegraph

Mineflation: Cost to mine 1 Bitcoin in the US rises from $5K to $17K in a year By Cointelegraph

May 1, 2023

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© Reuters.

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

Unsurprisingly, soaring electricity rates across 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 hash price (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