Mining gross margin is (slowly) improving
Thanks to bitcoin’s hashprice rebound, declining energy costs and improved efficiency
Most of the public bitcoin mining operations have released Q1 numbers over the past two weeks. Based on TheMinerMag’s data, it looks like most of them were able to increase the gross margin. Thank bitcoin’s hashprice rebound, declining energy costs and improved mining efficiency for this.
Among the public mining operations, Greenidge Generation is the only company that discloses the breakdown of energy consumption in mWh. Its data shows the declining trend of power sources for both mining and power segments. The cost of revenue per mWh of energy consumption peaked in Q2’22 and Q3’22.
In terms of the cost of bitcoin production, most mining operations managed to keep the cost reasonably cheap below $15K per BTC mined in Q1. If the trend continues into the next halving, it’d need bitcoin’s price to stay above its current levels of $28K for most public mining operations to have a positive gross margin.
Regulation News
Biden's 30% Bitcoin Mining Tax Scuppered In Debt Ceiling Deal - TheStreet
Hardware & Infrastructure News
USBTC Aims to Become Bitcoin Mining Giant After Deal to Buy Celsius Assets -CoinDesk
Corporate News
Mawson Infrastructure Group Announces New CEO and President - Link
Core Scientific Hopes to Emerge from Bankruptcy by September, Lawyers Say - CoinDesk
Riot Adds Ex-CEO of Texas Grid Operator as Adviser - Bloomberg
Upstream Data Sues Crusoe Energy Over Waste Gas Mining Patent - CoinDesk
NGO Energy Web Starts Sustainability Registry for Bitcoin Miners - CoinDesk
Coinmint Sues California Chipmaker for $23M, Alleging ‘Elaborate Deception’ - CoinDesk
Feature
The Bitcoin Mining Debate Is Ignoring the People Most Affected - CoinDesk
Bitcoin Mining Load Flexibility Can ‘Significantly Mitigate Power Shortages’ in Texas - Blockworks
Nvidia's Blockbuster Outlook Reminds Bitcoin Miners to Give AI a Look - CoinDesk
Are you a journalist or analyst seeking more information or comments from industry experts? We’d love to help!