{"id":624993,"date":"2024-06-17T16:30:12","date_gmt":"2024-06-17T16:30:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=624993"},"modified":"2024-06-17T14:04:39","modified_gmt":"2024-06-17T14:04:39","slug":"bitcoin-average-mining-cost-86700-price-surpass","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-average-mining-cost-86700-price-surpass\/","title":{"rendered":"Bitcoin Mining Cost At $86,700: Price To Surpass This Soon?"},"content":{"rendered":"

Data suggests the average cost of mining Bitcoin is standing around $86,700 right now. Here’s what history suggests could happen next for BTC.<\/p>\n

Bitcoin Average Mining Cost Is Currently Notably Higher Than The Price<\/h2>\n

In a new post<\/a> on X, analyst Ali Martinez has talked about how the average mining cost of BTC is looking like right now. The Bitcoin network runs on a consensus mechanism based on the “proof-of-work” in which validators called the miners<\/a> compete against each other using computing power to get to hash the next block on the chain.<\/p>\n

This computing power naturally has its running cost, with electricity being the most notable expense that the miners have to pay, given that it’s a perpetual cost. The incentive for spending capital on mining operations lies in the block rewards<\/a> that these validators receive upon successfully adding the next block.<\/p>\n

Obviously, mining expenses are different depending on location, as electricity prices aren’t the same everywhere. As such, the chart that Ali has cited from MacroMicro uses data provided by the Cambridge University on BTC electricity consumption to find out an average value.<\/p>\n

Related Reading: Bitcoin FOMO: Social Media Users Calling To Buy Sub-$66,000 Dip<\/a><\/div>\n

Below is the chart in question, which shows how the average mining cost on the Bitcoin network has changed over the past few years.<\/p>\n

\"Bitcoin
The value of the metric appears to have gone up in recent months | Source: @ali_charts on X<\/a><\/figcaption><\/figure>\n

As is visible in the above graph, the Bitcoin average mining cost (colored in blue) had been below the price of the cryptocurrency earlier in the year, but recently, the former’s value has spiked and has surpassed the latter’s.<\/p>\n

The reason behind this sudden increase is that there is another variable at play when calculating the average cost of mining Bitcoin: the Issuance, or the number of tokens that the miners are minting daily.<\/p>\n

In general, the block rewards stay fixed both in value and frequency, so the Issuance of the network, which is nothing else than the sum of the block rewards mined in a day, more or less remains fixed as well.<\/p>\n

Specific events, however, don’t abide by this. They are the Halvings<\/a>. These periodic events that take place approximately every four years permanently slash the block rewards in half.<\/p>\n

The latest such event, the fourth ever in the cryptocurrency’s history, occurred back in April. Naturally, the Halvings mean that the cost of mining 1 BTC drastically goes up, as miners only get half as many rewards as before after doing the same amount of work.<\/p>\n

Thus, it’s not surprising that the cost of production for the coin observed a sharp increase coinciding with the latest Halving. At present, this metric stands at $86,700, meaning that according to MacroMicro’s model, the average miner would be underwater.<\/p>\n

Related Reading: Dogecoin Plunges 11%, But This On-Chain Cushion Could End Decline<\/a><\/div>\n

Based on the past trend of the indicator, Ali has identified a pattern that Bitcoin has always followed. “Historically, BTC always surges above its average mining cost!” notes the analyst.<\/p>\n

As such, if this pattern continues to hold for the current cycle as well, then it may only be a matter of time before Bitcoin surges past the $86,700 mark.<\/p>\n

BTC Price<\/h2>\n

Bitcoin has gone through a drawdown of more than 5% recently, which has brought its price under the $66,000 level.<\/p>\n

\"Bitcoin
Looks like the price of the asset has observed bearish momentum recently | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, MacroMicro.me, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Data suggests the average cost of mining Bitcoin is standing around $86,700 right now. Here’s what history suggests could happen next for BTC. Bitcoin Average Mining Cost Is Currently Notably Higher Than The Price In a new post on X, analyst Ali Martinez has talked about how the average mining cost of BTC is looking like right now. The Bitcoin network runs on a consensus mechanism based on the “proof-of-work” in which validators called the miners compete against each other using computing power to get to hash the next block on the chain. This computing power naturally has its running cost, with electricity being the most notable expense that the miners have to pay, given that it’s a perpetual cost. The incentive for spending capital on mining operations lies in the block rewards that these validators receive upon successfully adding the next block. Obviously, mining expenses are different depending on location, as electricity prices aren’t the same everywhere. As such, the chart that Ali has cited from MacroMicro uses data provided by the Cambridge University on BTC electricity consumption to find out an average value. Related Reading: Bitcoin FOMO: Social Media Users Calling To Buy Sub-$66,000 Dip Below is the chart in question, which shows how the average mining cost on the Bitcoin network has changed over the past few years. As is visible in the above graph, the Bitcoin average mining cost (colored in blue) had been below the price of the cryptocurrency earlier in the year, but recently, the former’s value has spiked and has surpassed the latter’s. The reason behind this sudden increase is that there is another variable at play when calculating the average cost of mining Bitcoin: the Issuance, or the number of tokens that the miners are minting daily. In general, the block rewards stay fixed both in value and frequency, so the Issuance of the network, which is nothing else than the sum of the block rewards mined in a day, more or less remains fixed as well. Specific events, however, don’t abide by this. They are the Halvings. These periodic events that take place approximately every four years permanently slash the block rewards in half. The latest such event, the fourth ever in the cryptocurrency’s history, occurred back in April. Naturally, the Halvings mean that the cost of mining 1 BTC drastically goes up, as miners only get half as many rewards as before after doing the same amount of work. Thus, it’s not surprising that the cost of production for the coin observed a sharp increase coinciding with the latest Halving. At present, this metric stands at $86,700, meaning that according to MacroMicro’s model, the average miner would be underwater. Related Reading: Dogecoin Plunges 11%, But This On-Chain Cushion Could End Decline Based on the past trend of the indicator, Ali has identified a pattern that Bitcoin has always followed. “Historically, BTC always surges above its average mining cost!” notes the analyst. As such, if this pattern continues to hold for the current cycle as well, then it may only be a matter of time before Bitcoin surges past the $86,700 mark. BTC Price Bitcoin has gone through a drawdown of more than 5% recently, which has brought its price under the $66,000 level. Featured image from Dall-E, MacroMicro.me, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":625034,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,92595,640,92594,679,6848,1119,1144],"class_list":["post-624993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-average-mining-cost","tag-bitcoin-mining","tag-bitcoin-mining-cost","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Mining Cost At $86,700: Price To Surpass This Soon?<\/title>\n<meta name=\"description\" content=\"Data shows the average cost for mining Bitcoin is standing around $86,700 right now. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Mining Cost At $86,700: Price To Surpass This Soon?","url":"http:\/\/uniquehot.com\/bitcoin-news\/bitcoin-average-mining-cost-86700-price-surpass\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/bitcoin-news\/bitcoin-average-mining-cost-86700-price-surpass\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/btc_3cd533.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/btc_3cd533.png?fit=1792%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin average mining cost","bitcoin mining","bitcoin mining cost","bitcoin price","bitcoin price prediction","btc","btcusd"],"dateCreated":"2024-06-17T16:30:12Z","datePublished":"2024-06-17T16:30:12Z","dateModified":"2024-06-17T16:30:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Mining Cost At $86,700: Price To Surpass This Soon?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/bitcoin-news\\\/bitcoin-average-mining-cost-86700-price-surpass\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/bitcoin-news\\\/bitcoin-average-mining-cost-86700-price-surpass\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/btc_3cd533.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/btc_3cd533.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin average mining cost\",\"bitcoin mining\",\"bitcoin mining cost\",\"bitcoin price\",\"bitcoin price prediction\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-06-17T16:30:12Z\",\"datePublished\":\"2024-06-17T16:30:12Z\",\"dateModified\":\"2024-06-17T16:30:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/btc_3cd533.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/624993"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=624993"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/624993\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/625034"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=624993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=624993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=624993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}