$BTC ~74k. Average network cash cost to mine 1 BTC: ~59k. Electricity only: ~47k. All-in with hardware: ~84k.
Last 10 years:
• below cash cost — 9.3% of days
• longest: 165 days (May–Oct 2020, after the halving)
• 117 days (Sep 2022 – Jan 2023)
Next halving ~April 2028: cost per coin doubles in a day. Scenarios: 90–210k.
Cost is a reference point, not a floor. Size positions accordingly.
Last 10 years:
• below cash cost — 9.3% of days
• longest: 165 days (May–Oct 2020, after the halving)
• 117 days (Sep 2022 – Jan 2023)
Next halving ~April 2028: cost per coin doubles in a day. Scenarios: 90–210k.
Cost is a reference point, not a floor. Size positions accordingly.
