Production cost
Bitcoin's cost of production — the electricity to mine one coin — as a band across fleet efficiency, with the BTC price weaving through it.
Electricity to mine one bitcoin runs about $56k — a $37k–$78k band across fleet efficiency, at $0.05/kWh. The 2026-08-30 close of $77,682 sits inside the mining cost band — efficient miners profit, older rigs are squeezed.
History
Our own arithmetic — network hashrate (mempool.space, 2026-08-31) at an assumed ~23 J/TH fleet efficiency, over protocol issuance, at $0.05/kWh. Electricity only (excludes hardware, cooling, overhead); a soft historical floor, not a guarantee. Not the Cambridge dataset. As of 2026-08-31, never live.
How it's computed
We compute the electricity cost to mine one bitcoin from our OWN bundled hashrate and the protocol issuance, at two disclosed public assumptions: fleet efficiency (a band from ~15 J/TH for the newest ASICs to ~32 for older gear, ~23 central) and $0.05/kWh electricity. Network power = hashrate × efficiency; energy per coin = daily energy ÷ coins issued; cost = energy per coin × electricity price. It is electricity-only (no hardware, cooling, or overhead), and it is NOT the Cambridge CBECI dataset (which is non-commercial-licensed) — just arithmetic over data we already ship. The chart pairs the cost band with the aligned BTC close, so you can see where price has dipped into or below the floor — the historical miner-stress zones.
Why there's no band
No band. These readings — difficulty, hashrate, hashprice, and the production-cost floor — are level, estimate, and model readings; there's no valuation ceiling to place them against, so unlike Mayer or Puell there's no cheap/fair/expensive axis. Each carries a value and an as-of date, never a band, and never the live cyan badge.