Bitcoin mining now 'burns' over 70,000 USD - Who survives after the cost storm?

The cost of mining one Bitcoin has exceeded 70,000 USD in Q2/2025, an increase of over 34% in just two quarters. The reason is not only due to the halving, but also from a record-breaking 913 EH/s, and a significant rise in electricity prices, tightening miners' profit margins like never before.

BTC price remains around 107,000 USD, but many miners are facing survival pressure. Terawulf has to pay electricity up to 0.081 USD/kWh, raising costs by more than 25%. Meanwhile, the high price of ASIC mining machines and a payback period extending up to 2 years are making the coin mining model riskier than ever.

Although profits are being eroded, large miners like MARA, HIVE, and Cipher are still forced to expand their hashrate to avoid being eliminated from the 'game'. This is not due to optimism, but a mandatory strategy: those who slow down will lose blocks and collapse.

However, performance does not equate to profit. Hashprice continues to decline, transaction fees account for less than 1% of block rewards, leading to record low compensation for mining efforts.

On the stock market, investors no longer 'bet' on the price of Bitcoin, but place their trust in sustainable business models. Miners with new directions like AI hosting, HPC are becoming bright spots - while those focused purely on mining are being gradually 'phased out' by the market.