CryptoRank data reveals the rising operational expenses of public Bitcoin miners in Q2 2025, as total production costs, including depreciation and SBC, surge to $137,800 per Bitcoin.
CryptoRank data indicates a significant rise in Bitcoin mining costs for publicly traded miners, with the average cash cost to mine one Bitcoin reaching $74,600 in Q2 2025. When accounting for depreciation and stock-based compensation, the total cost escalates to $137,800 per Bitcoin. This increase in production expenses comes amidst a sharp decline in miner profits, as the global hashrate hits 1 ZH/s, prompting many miners to shift their capacity toward AI and high-performance computing (HPC) sectors.