CoinShares: Bitcoin Mining Costs Hit Record High of $49,500

The cost of bitcoin mining has climbed to record levels, according to the latest third-quarter mining report from CoinShares, as cited by Bitcoin.comNews. The cost of producing each bitcoin is around $49,500 when cash expenses alone are taken into account, and $961,00 on average when additional expenses such as depreciation and stock-based compensation are included. Lead researcher James Butterfill noted that despite the high costs, miners are expanding their infrastructure and planning further investments in anticipation of future price increases. In previous news, Bitcoin's network-wide arithmetic power once exceeded 800 EH/s, hitting a record high of 803.75 EH/s; the current network-wide average arithmetic power for the past seven days is 749.05 EH/s. Due to high interest rates and crypto-market volatility, miners are limited in their financing channels, and most of them are raising money by issuing shares.