CoinShares analyzed that the pre-tax cash mining cost for Bitcoin miners listed on major stock exchanges rose to an average of approximately $75,500 per BTC in the second quarter of this year. This level exceeds the Bitcoin price of $58,400 at the end of the second quarter, meaning that miners' average cash cost surpassed the BTC price, falling below the cash-based break-even point. The hash price, a monthly average mining profitability indicator, also fell to an all-time low of $27.7/PH/s/day in June. As the deterioration in miners' profitability continues, some companies are scaling down their operations or withdrawing from the mining business, and Core Scientific is reportedly paying $41.9 million to cancel a contract to purchase next-generation mining equipment.
