CoinShares says listed miners’ average cash cost per BTC rose to $75.5K in Q2

CoinShares said the average pre-tax cash cost of mining one BTC for major publicly listed Bitcoin miners rose to about $75,500 in the second quarter this year. That was above Bitcoin’s $58,400 price at the end of the quarter, meaning the group’s average cash cost moved above the token’s price and below the cash break-even point. CoinShares added that hash price, a monthly average mining profitability gauge, fell to a record low of $27.7 per PH/s per day in June. As miners’ profitability continued to deteriorate, some companies scaled back operations or exited mining, while Core Scientific paid $41.9 million to cancel a contract to buy next-generation mining equipment, according to the analysis.