CoinShares: The price of Bitcoin needs to stay above $40,000 after the halving for most miners to be profitable

ChainCatcher news, according to the 2023 mining report released by CoinShares, Bitcoin mining hash rate has increased by 104%, raising questions about its environmental sustainability and profitability, particularly regarding the network's efficiency and energy costs; the average production cost per Bitcoin is expected to be $37,856 after the halving. Most miners will face challenges related to sales and administrative expenses, needing to reduce costs to maintain profitability. Unless the Bitcoin price stays above $40,000, only Bitfarms, Iris, CleanSpark, TeraWulf, and Cormint will be able to continue to be profitable.