Recent studies indicate that the cost of Bitcoin mining continues to rise, reaching a new record of over $70,000 per Bitcoin in Q2 2025. This increase is attributed to rising network hashrate and energy prices.
Increase in Bitcoin Production Costs
According to a report by TheMinerMag, the median cost of producing Bitcoin rose from $52,000 in Q4 2024 to $64,000 in Q1 2025. This increase is expected to rise by over 9% in Q2, pushing direct costs to $70,000.
Impact of Electricity Prices
One of the main reasons for the rising costs of mining is the increase in electricity prices, which reached $0.081 per kilowatt-hour in Q1 2025, nearly double the rates of the previous year.
Diversification of Miner Revenues
Investors have started to focus on companies with revenues beyond Bitcoin mining. Companies such as IREN and Core Scientific have shown stock gains, while Canaan and Bitfarms have experienced declines of over 21%.
Thus, despite rising mining costs, the increase in Bitcoin prices provides some buffer for miners. However, the ongoing rise in production expenses compels companies to seek ways to diversify their revenues.
