Bitcoin mining costs increase from 47%to $ 1,37K due to rising input costs and tax debt.
According to the recent Coinshares industry, the average cost of one Bitcoin (BTC) increased rapidly in the fourth quarter of 2024, reaching $ 82,162 among the miners released, and the recent increase in the Coinshares industry. report.
The report pointed out that hardware deployment, tax and non -cash rates related to depreciation and stock -based compensation are caused by increasing costs.
The average cash cost was $ 75,767, except for the hut 8, which recorded significant tax -related costs related to unlisted profits. Including non -cash costs, the average total production cost rose to $ 137,018 per bitcoin.
Coinshares is due to faster hardware turnover and increased competition, and competition has increased due to market prices and compression.
Efficiency increase and cost savings
HUT 8 reported the highest unit cost in the data set, with the increase in interest costs of $ 93 million in tax liability and interest costs for convertible notes and credit facilities. As a result, the total bitcoin cost exceeded $ 281,000 in quarter.
The company promised that the 968 BTC would secure 30,000 funds for 30,000 antiner S21+ ASIC, and expanded its mining hash rate to 25.1 exahashes (EH/S) per second and provided 16 rows of 16 -row of vehicle efficiency per terahash (J/TH).
Depreciation is one of the most influential costs. Unlike existing industries, which are depressed due to physical use, ASICS is depreciated because ASICS is no longer used due to rapid technology development.
The miners often have to upgrade the machines to maintain their competitiveness, which accelerate the use of non -cash and compresses margins.
Despite the overall inflation of mining costs, a small number of companies have reduced bitcoin costs in the fourth quarter.
CleanSpark has reduced all -in costs by 13% and cash costs by 15%, with an increase of 56% of the distributed hash fare, an increase in operation (98%) and an improvement in vehicle efficiency to 18 J/T.
In addition, operating costs such as SG & A and stock -based rewards have been reduced. IREN has shifted to a spot price, reducing the electricity cost of the Childress facility, reducing the Bitcoin electricity cost to $ 21,400 to 39%.
The company raised the operating hash rate from 12.2 to 22.6 EH/s in 4Q and reported the average fleet efficiency of 15 J/TH. CORMINT has reduced its total mining costs to a quarter quarter quarter by 1.8 ¢/kWh due to a drop in power prices.
Cost configuration and industrial outlook
According to Coinshares data, electricity remains the largest component of direct mining costs. However, non -cash items, such as depreciation and depreciation, contribute greatly to the overall cost structure.
Companies such as Mara Holdings, Cipher Mining, and Riot platforms report relatively balanced cost profiles, but overall increase in input costs has narrowed profitable margins.
The chart provided in the Coinshares report indicates that most miners can still be profitable in the fourth quarter because the average bitcoin price is nearly $ 82,000.
However, according to the second quarter prediction, the headwind is ahead. The increase in tariffs in imported excavation devices in China and Malaysia can increase from 24%to 54%, which can increase the future of the future of miners depending on foreign equipment.
This data also shows that miners ‘evaluation drainage reflects investors’ expectations for zero -is dynamics in the hashream competition.
As a result, some miners have diversified revenue sources beyond block compensation and transaction fees by re -assigning capital with data center infrastructure and high -performance computing (HPC).
The industry continues to improve hardware efficiency with a new ASIC model with an average of 20 watts per Terahash (W/TH), which has been improved five times since 2018.
As a result, even if the hash ratio surged to 900 EH/S by the end of the year, the total network energy use was maintained. Coinshares now expects the network to cross the Zetahash (ZH/S) thresholds per second by mid -2012.
