CoinShares: Average production cost per Bitcoin expected to be $37,856 after halving

CoinShares released a 2023 mining report. Bitcoin mining computing power increased by 104%, raising questions about its environmental sustainability and profitability, especially the efficiency and energy costs of the network; the average price per Bitcoin after the halving is expected to Production cost is $37,856. Most miners will be challenged by the cost of selling and administrative expenses and will need to reduce costs to remain profitable. Unless Bitcoin prices remain above $40,000, only Bitfarms, Iris, CleanSpark, TeraWulf, and Cormint can continue to make profits.