Digital asset management company Coinshares published a comprehensive report on Bitcoin mining, revealing a 90% growth in the network in 2023.
The report examines the “difficulty” adjustment mechanism that ensures supply elasticity of Bitcoin mining. The report warns that post-halving, higher-cost miners may struggle due to reduced immediate revenue. The report evaluates the average production cost per BTC after the halving, resulting in an average cost of $37,856.
Despite the increasing power demand of the network, the report highlights significant improvements in efficiency. While the average efficiency of the network currently stands at 34W/T, predictions suggest it will potentially drop to 10W/T by mid-2026.
The report also touches upon the environmental impacts of BTC mining and points out that mining uses idle energy, often in remote locations. According to Daniel Batten, approximately 53% of Bitcoin mining energy is now sustainably generated. The report suggests that Bitcoin mining could significantly reduce emissions caused by “gas flaring,” a major environmental problem.
The report concludes that most miners will face challenges due to high selling, general and administrative (SG&A) costs and that costs must be reduced to remain profitable. According to the report, only a handful of miners are expected to operate profitably if the Bitcoin price remains above $40,000.
*This is not investment advice.
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