Shocking! Bitcoin mining costs hit record high, why are miners still choosing to expand?

On October 31, according to Bitcoin.com News citing the latest third-quarter mining report from CoinShares, the mining cost of Bitcoin has reached an all-time high: the cash production cost for a single Bitcoin is approximately $49,500, while the average cost including depreciation and stock compensation is as high as $96,100.

Chief researcher James Butterfill pointed out that despite facing high costs, miners are continuously expanding their infrastructure and planning future investments in hopes of capturing the potential for future price increases.

It is noteworthy that the total network hash rate of Bitcoin once exceeded 800 EH/s, reaching a historical high of 803.75 EH/s, with the current seven-day average hash rate at 749.05 EH/s. However, due to high interest rates and market volatility, financing channels for mining companies are becoming increasingly constrained, with many companies opting to raise funds through stock issuance.

CoinShares suggests that mining companies should actively explore diversified revenue sources, such as investing in AI technology, and predicts that by 2050, as miners shift to more environmentally friendly energy usage, carbon emissions are expected to decrease by 63%.

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