After a decline that coincided with the collapse of the stock market, the cryptocurrency has rebounded toward its all-time highs.
Despite this, mining no longer appears to be profitable—even for some major mining operations. According to data recently published by CoinShares, the cost of electricity and computing power required to mine Bitcoin now often exceeds the actual value of the currency.
For large mining companies, the cost of mining a single Bitcoin now exceeds $82,000, while its current estimated value is around $95,000.
This is still technically profitable, although the margins have become extremely slim compared to just a quarter ago. The cost of performing the necessary calculations to mine Bitcoin was approximately $56,000 in the third quarter of 2024, according to CoinShares, meaning that cost has jumped by nearly 47% within just a few months.
