CoinShares: Bitcoin needs to maintain a price above $40,000 after halving for most miners to be profitable.

BlockBeats news, on January 14th, according to the mining report released by CoinShares for 2023, Bitcoin mining hash rate increased by 104%, raising questions about its environmental sustainability and profitability, particularly in terms of network efficiency and energy costs. The average production cost per Bitcoin is expected to be $37,856 after the halving. Most miners will face the challenge of sales and administrative expenses and need to reduce costs to maintain profitability. Only Bitfarms, Iris, CleanSpark, TeraWulf, and Cormint will be able to continue to profit unless the Bitcoin price remains above $40,000.