Bitcoin mining economics just got real expensive. Q2 2025 numbers show the average cash expense for producing a single BTC hit $74,600. That's just the out-of-pocket costs miners are burning through.

But here's where it gets heavier—when you factor in depreciation and other non-cash expenses, the all-in production cost skyrocketed to $137,800 per coin. We're talking about a significant jump that's squeezing profit margins across the mining sector.

For context, this means miners need BTC prices well above these thresholds just to stay profitable. The gap between cash costs and total costs reveals how capital-intensive this operation has become. Equipment wear, infrastructure investments, and operational overhead are piling up faster than many anticipated.