Bitcoin Mining Costs Reach Record Levels In Q3 2024

According to BlockBeats, Bitcoin mining costs have surged to unprecedented levels in the third quarter of 2024, as reported by CoinShares. The latest mining report indicates that the cash expenditure for producing one Bitcoin is approximately $49,500. When additional expenses such as depreciation and stock compensation are included, the average cost rises to $96,100. Despite these high costs, miners continue to expand their infrastructure and plan further investments, anticipating future price increases, according to Chief Researcher James Butterfill. Previously, Bitcoin's total network hash rate exceeded 800 EH/s, reaching a peak of 803.75 EH/s, setting a new record. The current seven-day average hash rate stands at 749.05 EH/s. High interest rates and market volatility have limited financing options for mining companies, leading many to raise funds through stock issuance. CoinShares recommends that mining companies diversify their revenue streams, such as investing in AI technology. The institution projects that by 2050, as miners shift towards more environmentally friendly energy sources, carbon emissions could be reduced by 63%.