#美联储重启降息步伐 You may have noticed recently that discussions about the cost of Bitcoin mining have suddenly increased. Some data suggests that the cash cost to mine one BTC has soared to $75,000, and when you factor in depreciation and other expenses, the total cost can even reach $130,000. At first glance, these numbers do sound alarming, but do they really represent the true situation of the entire industry?

Let’s look at the data sources first. According to CryptoRank’s monitoring, the average cash cost for publicly listed mining companies to mine one BTC is around $74,600. If you include mining machine depreciation, stock-based compensation, and other expenses, the total cost can reach $137,800. On the other hand, Bloomberg ETF analyst Eric Balchunas mentioned that Bitcoin has risen 122% over the past year, and even if future growth slows to an average of 50% per year, it’s still promising in the long run.

But here’s an easily overlooked detail—the cost data comes mainly from large, publicly listed mining companies. These companies are large-scale, have higher compliance costs, and strict financial disclosures, so their cost structure is totally different from small mining farms operating in low-electricity-cost regions. So this “average cost” does not fully reflect the real situation of miners globally.

Here’s the question: Is this cost inversion truly the real dilemma for top industry players, or is it a statistical illusion caused by the data sample? Would you trust the financial numbers disclosed by public companies more, or do you think the small players mining in cheap electricity regions are more representative? More importantly, under such cost pressures, can the rising BTC price continue to support the entire mining ecosystem?

Feel free to share your thoughts. The logic behind the data is worth discussing together.

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