Coinshares: Bitcoin All-In Mining Cost Reached $137K for Listed Miners in Q4 ’24

• Bitcoin mining costs surged in Q4 2024, but profitability held near market prices.
• Network hashrate hit record highs, with 1 ZH/s expected by July 2025 milestone.
• Miners pivot to AI and HPC as hash prices decline and hardware cycles intensify.

Bitcoin miners are finding it much more expensive to operate lately, even though the network itself is stronger than ever. The latest Coinshares report really highlights this problem where it found that the average cash cost for big, publicly listed miners to produce one Bitcoin jumped dramatically to over $82,000 in the last quarter of 2024; that’s up from about $56,000 the previous quarter.

And when you add in other costs like paying off equipment, the total average cost soared to around $137,000 per Bitcoin. Now, miners did manage to stay profitable during that time, but only because Bitcoin’s market price happened to be high, averaging around $82,000. 

This helped cover the high costs for a while. But this underlying cost pressure is forcing big shifts in the industry. Many mining companies started looking for new ways to make money, including shifting focus toward different industries like data centers and hig…

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