Mining is a commodity business. Every miner sells the same product – blocks – at a price set by the network.
Revenue
Revenue per machine is described by hashprice. On 23 Oct 2026 the subsidy alone came to about 42 sats per TH/s per day (own calculation from mempool.space data).
Costs
- Electricity: CCAF's survey found a median of $45/MWh, $55.5/MWh all-in, with power over 80% of cash costs.
- Machines (asics), which lose value as newer models arrive.
- Buildings, cooling, staff, and grid connections.
Why it is hard
When the price rises, more miners join, difficulty rises, and each one's share shrinks. Every four years the subsidy halves. Only the most efficient machines on the cheapest power survive the downturns.
Why it is good for Bitcoin
This brutal competition is the security model: no one can mine cheaply without paying for real energy, and no one gets a permanent edge. Mining firms cited energy prices and regulatory uncertainty as their main concerns, not the protocol.
Not financial advice.