Bitcoin Mining Is No Longer Worth it

After a dip that coincided with when the stock market crashed (remember when Bitcoin was supposed to be a hedge against market volatility?), the cryptocurrency is pushing back up toward its all-time high. Despite that, it seems that mining for the cryptocurrency is no longer worth it, even for some larger mining operations. According to data recently published by CoinShares, the cost of electricity and computational power needed to mine for Bitcoin now often exceeds the actual value of the coin. Here’s how the math breaks down: For large mining companies, it now costs over $82,000 to mine a single Bitcoin, which is currently valued at about $95,000 at the time of publication. That is still technically profitable, though the margins have gotten mighty thin compared to where they were even just one quarter ago. It cost about $56,000 in the third quarter of 2024 to do the necessary computational calculations to mine for a Bitcoin, per CoinShares, so that price has jumped about 47% in jus ... Read full article.