Ranking ยท as of 2026Q1

Cash Cost per BTC Ranking

Public Bitcoin miners ranked by cash cost to produce one BTC. Lower is better.

BTC Production RankingOperational Hashrate RankingBTC Treasury RankingCash Cost per BTC RankingFleet Efficiency Ranking
Total Cash Cost / BTC (2026Q1)
$278K
-60.0% vs prior quarter
Highest miner
WULF
$-381
Average per miner
$46K
-26.6% vs prior quarter
Companies reporting
6
2026Q1

Top miners by Cash Cost / BTC

LabelValue
WULF-381
ABTC36,200
CIFR39,257
RIOT44,629
MARA66,096
KEEL91,760

Cash Cost / BTC quarterly trend (Top 8)

QuarterWULFABTCCIFRRIOTMARAKEEL
2024Q222994โ€”2536625327โ€”โ€”
2024Q330499โ€”380383537646931.88โ€”
2024Q446374โ€”โ€”4201152035โ€”
2025Q166156โ€”247414380859056โ€”
2025Q245608โ€”301184899257603โ€”
2025Q344729โ€”388004632468584โ€”
2025Q4โ€”46900410476062880181โ€”
2026Q1-3813620039257446296609691760
#CompanyCash Cost / BTCQoQ %YoY %BTC ProductionTreasuryHashrateEfficiencySource
1TeraWulf(WULF)$-381โ€”-100.6%168187.9 EH/s16.3 J/TH2026Q1 โ†—
2American Bitcoin(ABTC)$36K-22.8%โ€”8177,02128.1 EH/s16 J/TH2026Q15
3Cipher Mining(CIFR)$39K-4.4%+58.7%4511,11611.6 EH/s17.2 J/TH2026Q12
4Riot Platforms(RIOT)$45K-26.4%+1.9%1,47315,68036.4 EH/s20.2 J/TH2026Q13
5Marathon Digital Holdings(MARA)$66K-17.6%+11.9%2,24735,30358.5 EH/s17.6 J/TH2026Q1 โ†—
6Keel Infrastructure(KEEL)$92Kโ€”โ€”3882,469โ€”18 J/TH2026Q13
7Bitfarms(BITF)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”
8Bitdeer Technologies(BTDR)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”
9Canaan(CAN)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”
10Cango Inc.(CANG)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”
11CleanSpark(CLSK)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”
12Core Scientific(CORZ)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”
13BitFuFu(FUFU)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”
14HIVE Digital Technologies(HIVE)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”
15Hut 8(HUT)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”
16Iris Energy(IREN)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”
17Soluna Holdings(SLNH)โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”

Lower is better. Data sources: SEC filings, company announcements and investor materials. Snapshot built 2026-06-22.