The average cost of mining one Bitcoin has climbed above $70,000, marking a sharp increase from the $67,704 recorded earlier this year.
Ki Young Ju, founder of CryptoQuant, highlighted the rising production cost, citing recent filings from MARA Holdings. Notably, the surge in Bitcoin mining costs is primarily due to rising energy prices, which have steadily increased since last year.
Key Points
- The average mining cost for Bitcoin has climbed to $70,027 per $BTC.
- With Bitcoin trading above $72,000, MARA Holdings and other miners remain profitable despite tighter margins.
- MARA has updated its treasury policy to allow the sale of Bitcoin from its digital asset reserves when needed.
- The company ranks second among corporate holders of Bitcoin, with 53,822 $BTC currently in its treasury.
Average Mining Cost Per $BTC Exceeds $70,000
Citing MARA’s latest disclosure, Young Ju stated that the average mining cost now stands at approximately $70,027 per $BTC, up 3.43% from the $67,704 figure he shared in February. It’s worth noting that total mining cost depends on how companies calculate expenses.
At the base level, MARA’s electricity alone now costs about $38,956 per Bitcoin, a notable jump from $29,084 in 2024. When miners add hosting and site operations, the operating cost rises to $70,027 per $BTC.
Moreover, once firms factor in selling, general, and administrative (SG&A) expenses, Young Ju estimates the all-in production cost increases to between $110,000 and $113,000 per $BTC.
1. Energy cost per $BTC= electricity only = $38,956
2. Mining operating cost per $BTC
= electricity + hosting + site operations = $70,0273. All-in mining cost per $BTC
= electricity + hosting + site operations + SG&A
= $110K ~ $113K (estimate)— Ki Young Ju (@ki_young_ju) March 5, 2026
MARA Currently Profitable
Despite these elevated costs, MARA remains profitable for now. At press time, Bitcoin trades at $72,748, which is slightly above the estimated $70,000 average mining cost. Nonetheless, profitability remains sensitive to price fluctuations.
When Bitcoin trades below production cost, as observed last month when the price crashed to $60,000, miners like MARA face losses.
In response to market volatility, MARA recently updated its 2026 policy by modifying its digital asset treasury strategy to allow the sale of $BTC held on its balance sheet. However, the company clarified that it will base sales decisions on capital allocation priorities and market conditions.
Current Holdings
According to its latest filing, MARA Holdings held 53,822 $BTC as of December 31, 2025, making it the second-largest corporate holder of Bitcoin at the time of publication.
Of this total, MARA loaned 9,377 $BTC to third parties to generate additional yield. In addition, it pledged 5,938 $BTC as collateral under its credit facility.
The company also allocated 15,315 $BTC to its digital asset management strategy, recording them as receivables. Meanwhile, MARA classified the remaining 38,507 unrestricted $BTC as long-term digital assets.
