For most of 2026, many miners spent more making a Bitcoin than it sold for. That has flipped. Here is the cost picture, explained simply.
By Michal Beno, CEO, OneMiners5 October 2026
Bitcoin trades near $86,376, above JPMorgan's latest estimate of the average cost to produce one coin, about $85,000. In June, Bitcoin sat far below that line. For the average miner, making Bitcoin is now worth more than it costs again.
$86,376
Bitcoin price, 5 Oct
$85,000
JPMorgan production cost
$75,500
avg cash cost, listed miners, Q2
$58,400
price at end of Q2
Coinbase, 5 October 2026; JPMorgan via Bitcoin News Digest, 4 October 2026; CoinShares Q2 2026 mining report.
Two ways to count the cost
There are two numbers you will see, and they measure different things.
Cash cost vs all-in cost, in plain words
Electricity is usually 75 to 85% of cash cost. That is why power price matters more than anything else.
What big public miners paid per Bitcoin
CoinShares tracked what listed mining companies spent to make each Bitcoin in the second quarter. The spread is huge.
All-in cost to mine 1 Bitcoin, Q2 2026
US dollars per Bitcoin, by listed company, vs today's price
Source: CoinShares Bitcoin Mining Report Q2 2026. All-in costs include depreciation, so some of the gap is accounting, not cash spent.
Even at today's price, several big names make each Bitcoin at an all-in loss. Their cash costs are lower, between about $44,000 and $75,000, so they keep running. But it shows why so many are turning their power over to AI customers instead.
For your own machine, power price is the whole story
A simpler way to look at it: the break-even power price. That is the highest electricity rate a machine can pay and still cover its power at today's hashprice of about $41 per PH per day. Newer machines can pay far more for power, which gives them a much bigger cushion.
Highest power price each Bitcoin miner can pay today
Antminer S23 Hyd 580T
Antminer S21 XP Hyd 473T
Antminer S21 Pro 245T
Antminer S19k Pro 110TBreak-even = hashprice / (24 x J/TH), at $41.24 per PH per day on 5 October 2026. Power only; hardware cost is not included.
How much room each machine has at $0.048 per kWh
Break-even power price as a multiple of a $0.048 rate
1.0x would mean power cost equals revenue. Higher is safer. OneMiners calculation, 5 October 2026.
In September, every machine type was profitable at all-in hosting rates of $0.065 to $0.08 per kWh, with margins from about 19% to 62%, according to SimpleMining. The cheaper the power, the bigger that margin, and the longer it lasts if the price falls.
The production cost line is a useful headline, but it is an average of other people's bills. What matters for a small miner is one number: the rate you pay for power. OneMiners hosting starts at $0.048 per kWh, and from $0.0364 on a 7-year prepaid contract. See every location on the hosting centers page.
Run your own numbers before you buy.
Open the mining calculatorSee hosting locationsSOURCES AND DATA
- JPMorgan production cost estimate and weekly high: Bitcoin News Digest, 4 October 2026
- Cash and all-in cost per Bitcoin, average cash cost, end-of-Q2 price: CoinShares Bitcoin Mining Report Q2 2026
- September margins by machine: SimpleMining September 2026 market report
- Price and difficulty: Coinbase and blockchain.info, 5 October 2026
- Hosting rates: published OneMiners location pages
Michal Beno
CEO of OneMiners, the global Bitcoin mining hosting and hardware platform with 15 published hosting locations, 7-year fixed electricity contracts and a 7-year hardware warranty. He writes about the economics of industrial Bitcoin mining.
Informational only, not financial advice. Figures are a snapshot from public market data and news reports as of 5 October 2026 and can change quickly. Crypto prices can fall as well as rise. No return is offered or implied. Do your own research.
