Bitcoin now prices extra to mine in the USA than its present market value, based on information from the Cambridge Bitcoin Electrical energy Consumption Index (CBECI).
The cryptocurrency is presently buying and selling at round $87,900 based on CoinGecko information, whereas information from the CBEIC and the U.S. Power Info Administration (EIA)—which places the common nationwide value per kWh of vitality in October 2025 at $0.14—recommend that the present value of mining one Bitcoin is $94,746.
This common value incorporates dearer residential and business costs, however when taking solely common industrial costs for all states ($0.09 in October), the common value of mining one Bitcoin continues to be $86,931.
Given ongoing geopolitical and macroeconomic uncertainty, Bitcoin might be susceptible to falling under this degree, doubtlessly placing larger pressure on miners primarily based within the U.S.
The state of affairs is comparable and even worse in different nations, with China’s common enterprise vitality charge hitting $0.11 per kWh in June 2025, which means that it prices $88,869 on common to mine a single Bitcoin.
GlobalPetrolPrices.com offers the identical charge of $0.11 per kWh for Russia, whereas Canada advantages from a barely decrease charge of $0.10, equalling a price of mining one Bitcoin of $88,003.
For instance of 1 nation the place large-scale mining isn’t commercially viable, commerce physique Cryptocurrency NZ has calculated that the price to mine a single BTC in New Zealand is now NZ$173,192.96, or $103,799.
Alternatively, Paraguay—which now accounts for round 4% of Bitcoin’s hashrate—has a mean mining value of roughly $59,650, given its common electrical energy value for companies of $0.05.
US miners pivot to AI
Mining operations are nicely conscious of how troublesome the present state of affairs might be, with 9 American mining corporations—Riot Platforms, Bitfarms, Core Scientific, Riot, IREN, TeraWulf, CleanSpark, Bit Digital, MARA Holdings and Cipher Mining—having pivoted both wholly or partly to changing into AI information facilities up to now 12 months and a half.
Talking to Decrypt, Canaan’s VP of Capital Markets and Company Growth, Leo Wang, stated that miners who’ve taken on an excessive amount of debt to function, or who’ve deployed overpriced or “shortly out of date” {hardware}, have confronted the prospect of unprofitability lately and months.
Nonetheless, he affirmed that Canaan has taken strategic selections to cut back its threat profile, together with an avoidance of extreme debt, in addition to the design and sale of its personal mining {hardware}, in order to generate money circulation and offset bills.
He stated, “We attempt to maintain our energy value under 4 cents/kWh, which has traditionally been sustainable via bear markets, preserve each day operational oversight with companions, and deploy machines solely when energy and operations are totally prepared.”
Canaan additionally maintains internet hosting agreements that give it the proper to cut back or shut operations specifically areas, assuming that the economics now not work.
“From lower-cost markets to off-grid vitality operations in Canada, our world footprint and technical capabilities additionally permit us to discover new vitality sources and vitality reuse, which reduces our reliance on any single grid or energy supply over time,” he added.
Extra usually, Digiconomist founder Alex de Vries notes that, whereas computational issue has peaked just lately, the declining value of Bitcoin is making issues more and more troublesome for miners.
“You are able to do the maths your self contemplating it takes about 1.2 million kWh to mine one Bitcoin in the meanwhile,” he instructed Decrypt. “At a value of $85k per coin, something above simply 7 cents per kWh in prices will put you at a loss.”
De Vries concluded that Bitcoin mining being unprofitable will “really be quite common in most locations,” since very low charges are usually not straightforward to safe. (these extremely low charges are usually not straightforward to get).
With one other reward halving coming in two years, Bitcoin miners will want the cryptocurrency’s value to start rising once more quickly.
“That’s nonetheless fairly a while,” De Vries stated, “however with out substantial will increase within the value degree by then the miners would get squeezed even additional.”
