Cormint's Bitcoin Mining Costs Revealed
Date: 2024-02-22 Author: Dima Zakharov Categories: BLOCKCHAIN
Insights into Bitcoin Mining Costs
Cormint's Financial Report Unveiled
Texas-based bitcoin mining company, Cormint, has released its financial report for the fourth quarter of 2023, shedding light on its mining operations. According to the report, Cormint mined a total of 154 BTC during Q4, resulting in an annual production volume of 539 BTC, with a hash rate of 960 PH/s.
Transparency in Operations
Despite being a private company, Cormint regularly publishes data on its mining activities, unveiling key operational indicators. The report reveals that the direct costs for mining one bitcoin amounted to $9.463 thousand in Q4 2023, with an average mining cost of $9.177 thousand for the entire previous year. Additionally, the average electricity tariff for the company was $28 per 1 MWh in the past year.
Average Mining Costs
Taking into account overhead expenses alongside direct costs, the average total cost of mining one bitcoin at Cormint in the previous year was $19.255 thousand, aligning with industry averages in the United States. For American public miners, the average total cost of mining one bitcoin in 2023 ranged from $18 to $22 thousand.
Cormint's financial disclosure provides valuable insights into the economics of bitcoin mining, offering a glimpse into the costs associated with this lucrative yet resource-intensive process.
