Data: The average cash cost to mine one Bitcoin has reached $74,600.

According to DeepFlow TechFlow, on December 7, the latest data from CryptoRank.io shows that the average cash cost of mining one Bitcoin has reached $74,600. When including total costs such as depreciation and stock-based compensation ((SBC)), the figure soars to $137,800. As network hash power surpasses the symbolic 1 ZH/s milestone, industry competition has intensified and mining profit margins have plummeted.

This shift is driving many public miners to reallocate computing power to artificial intelligence ((AI)) and high-performance computing ((HPC)) workloads, as these sectors offer significantly higher profit margins than traditional Bitcoin mining.

The industry is splitting into two distinctly different business models:

Infrastructure providers: repurposing mining data centers for high-profit computing tasks

Traditional miners: continuing operations in a more competitive, near-zero profit environment

Analysts point out that the high cost of mining also reflects Bitcoin’s scarcity, which may be one of the factors driving the current price increase.