Bitcoin Mining Costs Surge to New High: Public Companies Face $137,800 Average Expense

A recent report reveals that the average cost of Bitcoin mining for publicly traded companies reached a staggering $137,800 per Bitcoin in Q2 2024. This figure underscores the immense financial strain on the industry and highlights the challenges it faces in securing the Bitcoin network. The increased cost is driven by several factors, including the recent Bitcoin halving event which reduced miners’ rewards significantly, intense competition, volatile energy prices, and ongoing investments in high-powered mining equipment.