CoinShares reports average cash cost per BTC for miners at 75500 in Q2

CoinShares reported that the average pre-tax cash cost of mining one BTC for major publicly listed Bitcoin miners increased to approximately 75500 in the second quarter of this year. This cost exceeded Bitcoin's price of 58400 at the end of the quarter, indicating that the average cash cost surpassed the token's price and fell below the cash break-even point. Additionally, CoinShares noted that the hash price, a monthly average mining profitability metric, dropped to a record low of 27.7 per PH/s per day in June. As profitability continued to decline, some companies reduced operations or exited mining, while Core Scientific paid 41.9 million to cancel a contract for next-generation mining equipment.

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