Bitcoin miners have had a challenging year as the network’s mining difficulty reached an all-time high and the spot market price of bitcoin dropped below the cost of production. Currently, with electricity costs at $0.07 per kilowatt-hour (kWh), only 18 application-specific integrated circuit (ASIC) bitcoin mining rigs are able to turn a profit at current prices.
Current SHA256 ASIC Models Unprofitable at $0.12 per kWh, Only Two Devices Profitable at $0.10 per kWh
On December 31, 2022, statistics show that bitcoin’s hash rate is hovering above the 300 exahash per second (EH/s) range after reaching a low on December 30 at 235 EH/s. Additionally, data from macromicro.me indicates that the current cost of production ($16,577) is nearly equal to bitcoin’s current spot market value ($16,572).
Macromicro.me calculates the cost of production by “observing consumption of electricity and daily issuance of bitcoin, as provided by Cambridge University.” The Cambridge Bitcoin Electricity
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