Bitcoin Miner Production Cost (Estimated, Live)
Roughly what it costs in electricity to mine one Bitcoin, estimated from network hashrate and daily issuance.
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Price against the estimated electricity cost to mine one coin, on a log scale. The shaded band spans the range of assumptions.
Drag across the chart to zoom into any span. Reset zoom to go back.
This is a model, not a measured series. It scales two assumptions, how efficient the average miner is and what they pay for power, and the shaded band walks both to their optimistic and pessimistic ends.
Every Bitcoin costs real energy to produce. This chart estimates that cost by combining the network's total hashrate with an assumption about how efficient the average mining machine is and what it pays for electricity, then dividing the resulting daily energy bill by the number of coins mined that day.
Miners tend to defend this level. Selling coins below the cost of producing them is unsustainable, so when price falls toward or below estimated production cost, weaker miners capitulate and supply pressure eventually clears. That is why the line has acted as a soft floor at past bear-market lows.
Because the inputs are estimates, the honest way to read this is as a band rather than a precise number. When price sits inside or below the band, miners are under pressure. When it sits far above, they are comfortable.
The charts are public. The read is the edge.
These indicators are free for everyone. Inside the community you get the daily desk note that ties them together, alerts when price enters a cycle window, and the Satoshi Clock running on your own charts.
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