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177

Bitcoin mining is no longer profitable (www.pcworld.com)

submitted 1 month ago by Hirom@beehaw.org to c/technology@beehaw.org

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[–] bjorney@lemmy.ca 91 points 1 month ago (13 children)

New data tells us that mining a single Bitcoin or one BTC costs the largest public mining companies over $82,000 USD, which is nearly double the figure it did the previous quarter. Estimates for smaller organisations say you need to spend about $137,000 to get that single BTC in return. BTC is currently only valued at $94,703 USD, which seems to be a problem in the math department.

Bitcoin mining will always be profitable for the people with the cheapest electricity and largest economies of scale. There is a difficulty adjustment algorithm in the protocol that ensures this. When the price tanks people turn off thier miners, difficulty adjusts downwards, and then it takes less electricity to find a block.

tl;dr title is wrong

[–] Sibshops@lemm.ee 3 points 1 month ago (2 children)

I don't believe this is necessarily true. Miners like Riot Blockchain are operating at a loss and other people are stealing electricity.

[–] bjorney@lemmy.ca 3 points 1 month ago (1 children)

Miners like Riot Blockchain are operating at a loss

I'm not a finance wizard, but I peeked at their last SEC filing, and first 3 quarters of 2024 they posted a 35m operating loss, but added almost 900m worth of assets to their balance sheet (mostly Bitcoin), which to me tells a very different story

[–] Sibshops@lemm.ee 3 points 1 month ago* (last edited 1 month ago)

That's because they diluted their stock and sold it. The income doesn't come from mining Bitcoin.

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