CoinShares: Bitcoin needs to maintain a price above $40,000 after halving in order for the majority of miners to be profitable

On January 14th, according to the mining report released by CoinShares for the year 2023, Bitcoin mining has seen a growth of 104% in computing power, raising concerns about its environmental sustainability and profitability, particularly regarding network efficiency and energy costs. It is estimated that the average production cost per Bitcoin after halving will be $37,856. Most miners will face challenges in terms of selling and administrative expenses and will need to reduce costs to maintain profitability. Only Bitfarms, Iris, CleanSpark, TeraWulf, and Cormint can continue to make profits unless the price of Bitcoin remains above $40,000.