Public Bitcoin miners ranked by cash cost to produce one BTC. Lower is better.
| Label | Value |
|---|---|
| BTDR | 39,866 |
| SLNH | 40,766 |
| CIFR | 43,486 |
| WULF | 44,547 |
| RIOT | 49,912 |
| HIVE | 50,797 |
| FUFU | 59,000 |
| MARA | 60,743 |
| Quarter | BTDR | SLNH | CIFR | WULF | RIOT | HIVE | FUFU | MARA |
|---|---|---|---|---|---|---|---|---|
| 2024Q3 | 48532.29 | 42674 | 38038 | 30499 | 35376 | 57800 | 59452 | 46931.88 |
| 2024Q4 | 56077 | 44195 | โ | 46374 | 42011 | 65400 | 52847 | 52035 |
| 2025Q1 | 78285.71 | 60123 | 24741 | 66156 | 43808 | 66650 | โ | 59056 |
| 2025Q2 | 70973.45 | 61783 | 30118 | 45608 | 48992 | 66100 | โ | 57603 |
| 2025Q3 | 57259 | 69431 | 38800 | 44729 | 46324 | 58700 | โ | 68584 |
| 2025Q4 | 59115.36 | 72109 | 41047 | โ | 60628 | 65300 | โ | 80181 |
| 2026Q1 | โ | โ | 39257 | -381 | 44629 | โ | โ | 66096 |
| 2026Q2 | 39866 | 40766 | 43486 | 44547 | 49912 | 50797 | 59000 | 60743 |
| # | Company | Cash Cost / BTC | QoQ % | YoY % | BTC Production | Treasury | Hashrate | Efficiency | Source |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Bitdeer Technologies(BTDR) | $40K | โ | -43.8% | 2,694 | 150 | 80.9 EH/s | 15.8 J/TH | 2026Q23 |
| 2 | Soluna Holdings(SLNH) | $41K | โ | -34.0% | 23.5 | 0 | 0.598 EH/s | 23 J/TH | 2026Q23 |
| 3 | Cipher Mining(CIFR) | $43K | +10.8% | +44.4% | 346 | 646 | 11.6 EH/s | 17.2 J/TH | 2026Q22 |
| 4 | TeraWulf(WULF) | $45K | -11792.1% | -2.3% | 179 | 2 | 5.6 EH/s | 16.4 J/TH | 2026Q2 โ |
| 5 | Riot Platforms(RIOT) | $50K | +11.8% | +1.9% | 1,587 | 11,380 | 37.2 EH/s | โ | 2026Q22 |
| 6 | HIVE Digital Technologies(HIVE) | $51K | โ | -23.2% | 1,004 | 190 | 24 EH/s | 16.1 J/TH | 2026Q2 โ |
| 7 | BitFuFu(FUFU) | $59K | โ | โ | 192 | 1,671 | 15.3 EH/s | 17.9 J/TH | 2026Q23 |
| 8 | Marathon Digital Holdings(MARA) | $61K | -8.1% | +5.5% | 2,422 | 35,577 | 57.4 EH/s | 17.3 J/TH | 2026Q2 โ |
| 9 | Cango Inc.(CANG) | $73K | โ | -11.8% | 656 | 1,056 | 27.58 EH/s | โ | 2026Q22 |
| 10 | Core Scientific(CORZ) | $79K | -5.8% | +23.3% | 300 | 848 | โ | โ | 2026Q23 |
| 11 | Keel Infrastructure(KEEL) | $93K | +1.7% | โ | 354 | 2,261 | 8.6 EH/s | 19 J/TH | 2026Q22 |
| 12 | American Bitcoin(ABTC) | โ | โ | โ | โ | โ | โ | โ | โ |
| 13 | Canaan(CAN) | โ | โ | โ | โ | โ | โ | โ | โ |
| 14 | CleanSpark(CLSK) | โ | โ | โ | โ | โ | โ | โ | โ |
Lower is better. Data sources: SEC filings, company announcements and investor materials. Snapshot built 2026-09-28.