Interactive model · Bitcoin production cost

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Electricity price spread

Bounds source Cheapest miners Most expensive miners Distribution

Fleet efficiency

Source Old-gear spread ×

Hardware model: fleet spans newest ASIC up to this multiple of its J/TH. CBECI: fleet average is measured (network power ÷ hashrate, from July 2014); the spread shapes cohorts around it and PUE is not re-applied.

Overheads

PUE (cooling) × Non-energy opex × Include hardware capex Capex multiplier ×

Scales the historical rig-price curve ($/TH by era) from asic_efficiency.csv.

Count tx fees in issuance

Display

Log price axis Show p10–p90 band Show marginal (price-setting) miner Show reported costs (filings)

Diamonds: cost-per-BTC that public miners report in quarterly filings (data/miner_costs.csv). Accounting concepts differ; hover for detail.

Model limits: the marginal line hugs price by construction (the worst surviving miner breaks even at price). The informative lines are the average all-in and the band. Electricity spread and fleet efficiency are assumptions, not measurements.