Bitcoin Miners' Mining Cost Reaches $88,000, Market Price $69,200, Average Loss of 21%

Gate News reports that on March 23, according to Checkonchain’s difficulty-based cost model data, the average production cost for Bitcoin miners is approximately $88,000, while the current market price is about $69,200, resulting in an average loss of around 21%. Bitcoin previously dropped from $126,000 to below $70,000, and recent oil prices rising above $100 have further increased electricity costs. The actual closure of the Strait of Hormuz has tightened global oil and gas supply expectations, intensifying miners’ cost pressures.

At the network level, mining difficulty in the latest adjustment decreased by 7.76% to 133.79 trillion, one of the largest drops this year, down about 10% from the beginning of the year. Hashrate fluctuates between approximately 900 and 950 EH/s, below the 1 EH/s milestone expected in 2025, with average block times extended to about 12 minutes and 36 seconds. Hash price hovers around $33 per PH/s, close to the breakeven point for most mining machines.

Currently, about 43% of Bitcoin supply is in loss. When mining revenue cannot cover operational costs, miners typically sell Bitcoin to pay expenses, increasing market selling pressure. Several publicly listed mining companies, including Marathon Digital and Cipher Mining, are shifting resources toward AI and high-performance computing businesses. Bitdeer has reduced its Bitcoin holdings to zero, and Core Scientific plans to sell large inventories to fund AI-related infrastructure. The next difficulty adjustment is expected in early April; if current conditions persist, further reductions may occur.