Bitcoin miners underwater as production costs surge post-halving
Bitcoin (BTC) production costs have reached record highs post- halving , as the same mining effort now renders half the revenue. Thus, Bitcoin’s price must meet the production cost threshold to avoid industry turmoil and increased centralization for the leading cryptocurrency. Charles Edwards, founder of Capriole Investments , reported an electrical cost of $77,400 per Bitcoin mined on April 22. Therefore, as of this writing, Bitcoin miners spend $11,000 more in electricity for each mined BTC, currently worth $66,175. Furthermore, Capriole ‘s production cost is staggering at $128,989, resulting in $52,000 estimated losses to produce a single BTC. Picks for you Where do billionaires keep their money during market turbulence? 36 mins ago China’s debt to hit $20 trillion by 2030 at current pace 59 mins ago U.S. Treasury Yield chart sparks economy recession debate; Is this time different? 1 hour ago XRP plunge triggers frenzy, whales scoop up 3...