CoinShares: Bitcoin Mining Companies' Average Cash Cost Hit $75,500 per BTC

Major Bitcoin mining companies listed on major exchanges saw their pre-tax cash mining costs rise to an average of approximately $75,500 per BTC in Q2, according to CoinShares analysis. This surpasses the June average Bitcoin price of $58,400, meaning the average cash cost has surpassed the market price and the companies are operating below the break-even point on a cash basis. The monthly average mining profitability metric, hash price, also dropped to a record low of $27.7 per PH/s/day in June.

Continued deterioration in mining company profitability has led some firms to scale back operations or exit mining entirely, with Core Scientific reportedly paying $41.9 million to cancel a next-generation mining equipment purchase agreement.