#CreatorPad The End of Bitcoin's Golden Age of Mining
Analysts are warning of the imminent end of Bitcoin’s golden age of mining.
Following Bitcoin’s recent sudden drop—coinciding with a stock market crash—the cryptocurrency is once again moving toward higher prices. However, it now appears that mining Bitcoin is no longer profitable, even for some of the industry’s largest players.
According to new data released by CoinShares, the cost of electricity and computing power required to mine Bitcoin now exceeds the coin’s intrinsic value.
Currently, the estimated cost for large-scale mining companies to mine a single Bitcoin is around $82,000, while Bitcoin's market price hovers around $96,000. Although this technically remains profitable, profit margins have dropped significantly compared to the previous quarter. According to today’s report, in Q3 2024, the cost of performing the necessary computations to mine one Bitcoin was approximately $56,000. This means the cost has increased by about 47% in just a few months.
