As Bitcoin is traded for $81,626 (shy at $82,000 mark), the distance in mining costs for large public companies exposes significant operational differences, with some companies extracting Bitcoin at just a fraction of the network’s estimated average.
Do you mine Bitcoin for profit? It depends on who pays the electricity bill
On March 11, 2025, spot prices for Bitcoin settled at a low of $81,626, focusing on mining profitability. Data provider Macromicro.Me has placed one BTC at an average cost at $85,233 as of March 9th, a figure based on the power consumption model. However, this estimate is in stark contrast to self-reported spending by major publicly traded mining companies, with costs varying significantly from $21,000 to over $48,000 per Coin. This cost range ranges from $21,000 to over $48,000, and is derived from an analysis of approximately 280 different reports and financial disclosures.
MacRomicro.ME cost statistics are one day behind.
However, MacRomicro.ME uses the Cambridge Bitcoin Power Consumption Index to derive estimates and calculations. By applying this rate to Bitcoin’s annual power consumption, the platform estimates the cost of electricity only per BTC – 176.69 hours of terawatts hour – 176.69 hours. However, this calculation excludes important operating costs such as hardware, labor, and maintenance types, providing a narrow view of the total mining costs.
The $85,233 figure reported on March 9 probably reflects a very broad operational outlook, with the site’s reliance on daily data lag and limited metrics diminishing relevance to individual companies. Many miners are below this threshold. Mara, the industry’s largest publicly traded mining company, revealed its production costs per coin, $28,801 in its fourth quarter 2024 revenue, due to its market capitalization. The figures raised from US Securities and Exchange Commission (SEC) applications and revenue calls reflect the efficiency gained through energy procurement strategies and expanded operations.
In contrast, Hive Digital Technologies reported first quarter 2024 mining costs of $48,308 per BTC, highlighting financial stocks associated with high-cost operations. Of the 12 public mining companies surveyed, only a handful, including Mara and riot platforms, offer clear cost collapse. For businesses that did not disclose direct mining costs, we applied a BTC estimate of $25,000 based on aggregation of 280 data points, including revenue reports and Kanack Code’s 2025 mining sector analysis.
These estimates encapsulate the typical costs of large miners, but do not take into account company-specific factors such as energy contracts and geographical benefits. Mara’s $28,801 cost, outlined in the fourth quarter’s 2024 report, reflects investments in energy-efficient infrastructure. Riot Platforms reported costs per coin in filing in June 2024 of $21,482, benefiting from Texas-based electricity credits and immersion cooling technology. Meanwhile, the Hive’s $48,308 cost (calculated from first quarter 2024 revenue and production data) creates difficulties in balancing renewable energy commitments and operational spending.
For the remaining companies, estimated costs ranging from $25,000 to $30,000 indicate a moderate profitability margin at the current price of Bitcoin. For example, CleanSpark reported a cost per coin for a wholly owned facility in its 2024 report, but additional corporate costs could be higher effective costs. This cost gap reveals the fundamental gap. Miners below $25,000 per BTC maintain a comfortable buffer, while those above $30,000 are competing for narrow margins.
Bitcoin trading is below 2.3% below MacRomicro.ME’s $85,233 estimate, but profitability ultimately depends on operational discipline as it far outweighs the actual costs of many companies. For example, marathons and riots can remain profitable even if Bitcoin drops to $28,000, but Hive and several other miners will need prices above $48,000 to avoid losses. As of the second week of March, the data makes one thing clear. Vitcoin mining remains an industry of harsh economic contrast.
