I’m curious with a lot of downward predictions would it make sense for bitcoin to be mined at all.

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1.09K viewsMay 13, 2020

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Pedro Lima 165 May 13, 2020 0 Comments

I’m curious with a lot of downward predictions would it make sense for bitcoin to be mined at all. At what price would bitcoin mining not be done due to cost to mine compared to the price to sell. I’ve yet to hear on average what it costs to mine 1 btc. Does anyone here know that cost and what is the price point to lead to the shut down of mining operations. Thanks for input in advance

Kyle Myers Answered question May 13, 2020

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Damian Balgobin · Answer 1 · 2020-05-13T11:03:56+00:00

The cost to mine primarily depends on cost of electricity amongst other factors like equipment cycling, infrastructure, etc. If the price of BTC goes below the cost to mine, only investment funded mines will keep running. According to Coinshares, who did a 2019 study of the electrical costs in regions who mine lots of BTC, the average cost to mine is $5600.