Analysis: The current cost of mining a single BTC is about $36,800, and miner profit margins are comparable to those in November 2022.

BlockBeats news, on May 13, CryptoQuant analyst Axel Adler Jr posted on platform X that the average cost for miners to mine BTC is currently about $36,800 per coin. The price difference between the current market price of BTC and the mining cost per coin is 182%. This is essentially the average profit margin.

This level corresponds to the beginning of the bull market cycle in November 2022 and the peak price of $100,000 in this cycle. A price increase beyond this level would restore miner profits to the levels seen after the last halving, reaching excess profits comparable to those at the start of the bull market in January 2023.