Mineflation: Cost to mine one Bitcoin in the US rises from $5K to $17K in 2023

It now costs Bitcoin (BTC) miners at least $17,000 to produce one BTC in the U.S. versus the $5,000-10,000 range a year earlier, according to Bitcoin mining information resource Hashrate Index and Luxor.Bitcoin hashprice has dropped 58% in a yearUnsurprisingly, soaring electricity rates throughout the U.S. states have contributed to rising Bitcoin mining costs.Notably, between January 2022 and January 2023, the industrial electrical power tariff surged at an average of 10.71% per U.S. state, higher than the typical customer price index surge of 6.4%. Source: EIA/Hashrate Index/LuxorCoupled with Bitcoins downward performance in 2022, which saw an optimum drawdown from around $48,000 to below $15,000, it is obvious that active miners generated constant losses due to the boost in operational expenses and lower returns.But this altered in Q1 of this year as the miners hashprice, or the USD rate per tera-hash per second per day (TH/s/d), increased 31% thanks to Bitcoins cost recovery towards $30,000. The stock rate of Core Scientific, a currently bankrupt Bitcoin mining firm, has leapt over 450% YTD.Similarly, the Hey There Crypto Mining Stock Index has skyrocketed by more than 100% this year, revealing a return of financier appetite for mining socks.Bitcoin mining stocks performance in 2023.

It now costs Bitcoin (BTC) miners at least $17,000 to produce one BTC in the U.S. versus the $5,000-10,000 variety a year ago, according to Bitcoin mining information resource Hashrate Index and Luxor.Bitcoin hashprice has actually dropped 58% in a yearUnsurprisingly, soaring electrical power rates across the U.S. states have contributed to rising Bitcoin mining costs.Notably, in between January 2022 and January 2023, the business electrical energy tariff surged at an average of 10.71% per U.S. state, higher than the average consumer rate index rise of 6.4%. Source: EIA/Hashrate Index/LuxorCoupled with Bitcoins down efficiency in 2022, which saw an optimum drawdown from around $48,000 to listed below $15,000, it is obvious that active miners created constant losses due to the boost in operational expenses and lower returns.But this changed in Q1 of this year as the miners hashprice, or the USD price per tera-hash per second per day (TH/s/d), rose 31% thanks to Bitcoins cost healing toward $30,000. The stock rate of Core Scientific, an already bankrupt Bitcoin mining company, has jumped over 450% YTD.Similarly, the Hey There Crypto Mining Stock Index has actually skyrocketed by more than 100% this year, revealing a return of investor cravings for mining socks.Bitcoin mining stocks efficiency in 2023.