Bitcoin Mining Costs Estimated at $67,704, New Analysis Reveals
An in-depth analysis estimates the average cost to mine a single Bitcoin is approximately $67,704 (roughly 99.22 million Korean won), according to findings released on Thursday. The assessment, conducted by Ki-Young Ju, CEO of CryptoQuant, leverages publicly available data from listed mining firm Mara Holdings.
The estimate, initially announced on X (formerly Twitter) on February 6, 2026, provides a crucial benchmark for understanding the economic pressures within the Bitcoin mining industry. Ju explained the figure is based on Mara Holdings’ operational data from the third quarter of 2025.
According to a company release, Mara Holdings does not directly publish its average mining costs. Instead, the data was derived indirectly from operational indicators detailed in their quarterly 10-Q report.
The analysis centers on the cost of maintenance and the average mining output per petahash (PH/s) per day. Mara Holdings’ cost to maintain one petahash of computing power for 24 hours is $31.3. Coupled with an average daily Bitcoin mining volume of 23.3 and an operating hash rate of 50.4 Exahash (EH/s), the calculation arrives at an approximate $67,700 cost per Bitcoin.
“This figure reflects the operating conditions of a specific company,” one analyst noted, emphasizing the need for caution when generalizing the findings across the entire mining landscape.
The significance of tracking Bitcoin mining cost extends beyond immediate profitability. Industry experts view it as a key indicator for predicting potential long-term price floors. Prolonged periods where the Bitcoin price remains below the cost of mining can erode profitability, potentially forcing some mining operations to suspend activity or triggering widespread selling pressure.
This latest analysis serves as a timely reminder of the underlying cost structure and network maintenance expenses that support the Bitcoin network, particularly amidst current market volatility.
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Avg. Bitcoin mining cost was ~$67,704, according to MARA Holdings’ latest disclosure in Q3 2025.
