New model proves miners need Bitcoin above $74k to break even on power – but other costs push it over 6 figures
A new model using Riot Platforms' data shows Bitcoin miners need a price above $74,444 to cover operating costs, with full accounting profitability requiring over $114,000.Summary
A CryptoSlate model, using Riot Platforms' public filings and current network conditions, illustrates that Bitcoin mining profitability exists across three distinct layers: electricity cost, operating expenses, and accounting depreciation. At the current Bitcoin price of $67,200, a miner can cover electricity costs (break-even at $64,635), but adding non-power operating costs of about $9,809 per BTC pushes the operating break-even point to $74,444, resulting in a negative operating margin. Including depreciation costs of nearly $39,687 per BTC raises the full accounting break-even price to $114,130. The analysis shows that while miners can be power-positive well below six figures, achieving full accounting profitability requires a Bitcoin price significantly higher, potentially reaching $126,000 in one projection to ensure all three margins are positive cumulatively until the next halving.
(Source：CryptoSlate)