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Mining & Security Collection

Bitcoin: Electrical Cost of Production

The estimated electricity cost to mine one Bitcoin — a fundamental price floor

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Chart informationBitcoin: Electrical Cost of Production

About This Indicator

The Electrical Cost of Production (a Capriole-style model) estimates the pure electricity cost to mine one Bitcoin, derived from network hash rate, an assumed improving fleet-average miner efficiency, and an assumed electricity price. It acts as a fundamental price floor: because miners sell to cover costs, Bitcoin has historically rarely traded below its electrical cost for long. Model assumptions (documented for transparency): miner efficiency is log-linearly interpolated between real ASIC generations (~8000 J/TH in 2013 → ~100 at the Antminer S9 → ~34 at the S19 → ~17 at the S21), electricity is priced at $0.05/kWh for the marginal miner, and daily issuance uses 144 target blocks × the halving-schedule block subsidy. Because the codebase has no per-miner hardware mix, the efficiency curve is an assumption, not a measurement — treat the line as an indicative floor, not an exact cost.

Current Value & Interpretation

BTC price
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Electrical cost of production
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Price ÷ cost ratio
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Signal
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Waiting for hash rate data.

Data Sources

  • Bitcoin price: CoinGecko API via backend price history
  • Hash rate: Blockchain.info charts API — full daily history since 2009
  • Miner efficiency (J/TH) and electricity price ($0.05/kWh): modelled assumptions, not measured

Last Updated

Waiting for data

Related Charts

  • Puell MultipleCompares daily miner revenue against its 365-day moving average, helping identify miner stress and miner-revenue euphoria.
  • Hash RibbonsCompares 30-day and 60-day hash-rate moving averages. A buy signal is generated when the 30-day average crosses back above the 60-day average after a period of miner capitulation.
  • Difficulty RibbonLayers multiple mining-difficulty moving averages (9, 14, 25, 40, 60, 90, 128, 200 days). Compression can indicate miner stress; expansion after compression can indicate recovery.
  • Bitcoin: Hash RateTotal network computational power, the raw series behind the Hash Ribbons and Puell Multiple charts. A rising trend reflects growing miner investment and security; sharp drops mark miner capitulation events.