Bitcoin Mining Costs Skyrocket to $137,800 per BTC: Industry Faces Profitability Crisis

Bitcoin mining costs reached an alarming new high in Q2 2025, averaging a staggering $74,600 for each Bitcoin mined. Adding non-cash expenses like depreciation and stock compensation results in a total cost of approximately $137,800 per BTC. This surge threatens the profitability of miners, particularly smaller ones or those with high energy prices, who face significant challenges after the April 2024 halving that reduced mining rewards.