Bitfarms' cost to mine one BTC is $72,000, are miners now 'dancing on the edge of a knife'?

Bitfarms' latest financial report reveals a significant signal: the average total cash production cost for one BTC in Q1 reached $72,300, far above the current market price of BTC. Although total revenue grew by 33% year-on-year, the gross profit margin fell from 63% last year to 43%. This reflects the reality that under the 'halving' effect, the profitability margin for mining is sharply narrowing.

This situation is a double-edged sword for the entire mining ecosystem. On one hand, large mining companies like Bitfarms can still endure, but small and medium-sized miners may already be struggling on the edge, which could further exacerbate the centralization of computing power; on the other hand, excessively high mining costs could also become a 'hard floor' for BTC prices. When the coin price approaches the cost zone, miners reducing output will become a key variable in the supply-demand game.

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