CoinShares: Anticipates Average Production Cost of $37,856 per Bitcoin After Halving

CoinShares has released its 2023 mining report, revealing a 104% increase in Bitcoin mining hash rate. This has raised questions about the sustainability and profitability of Bitcoin mining, especially concerning the network's efficiency and energy costs. The report estimates the average production cost per Bitcoin after the halving to be $37,856. Most miners will face challenges with the costs of sales and administrative expenses and will need to reduce costs to maintain profitability. Only Bitfarms, Iris, CleanSpark, TeraWulf, and Cormint are expected to continue being profitable unless the Bitcoin price remains above $40,000.