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CoinShares noted that Core Scientific paid $41.9 million to cancel a chip order, and Keel stopped mining entirely in June.
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According to the firm, enough machines were leaving the group to cut the <a href="https://xpertsstudio.com/why-is-<a href="https://xpertsstudio.com/bitcoin-etf-inflows-rise-as-btc-battles-key-79-5k-resistance-market-bitcoin/” title=”Bitcoin ETF Inflows Rise as BTC Battles Key $79.5K Resistance | Market Bitcoin”>bitcoin-down-today/” title=”Why Is Bitcoin Down Today?”>Bitcoin network’s total computing power by roughly 4%.
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Economist and BTC advocate Saifedean Ammous stated Bitcoin’s electricity consumption may already have peaked.
AI data centers make around $1.5 million a year in profit per megawatt compared to around $0.5 million for Bitcoin mining, increasing the incentive for miners to move power and infrastructure to AI.
According to CoinShares’ second-quarter Bitcoin mining report, Core Scientific (CORZ) spent almost $42 million to cancel a chip order, Keel Infrastructure (KEEL) has already stopped mining entirely, while IREN (IREN) and Cipher Digital (CIFR) are winding down. Between them, CoinShares reported that enough machines were leaving the group to cut the Bitcoin network’s total computing power by roughly 4%.
The firm said at least 35 EH/s was scheduled to leave the listed miner group in the third quarter as IREN and Cipher completed their exits. Hashrate, measured in exahashes per second (EH/s), is the industry’s yardstick for computing power. The whole Bitcoin network runs at roughly 920 EH/s, so the exits amount to roughly 4% of it.
Core Scientific Canceled Its Own Chips
The CoinShares report said Core Scientific paid $41.9 million in the second quarter to terminate its agreement with Block’s Proto division, canceling roughly 15 EH/s of next-generation 3nm chip deliveries. The report described the hardware as the “most efficient mining hardware ever produced.”
Core Scientific’s mining operation was loss-making, with self-mining gross margin at -56%, according to the report. Management said it operated its remaining rigs solely to offset contractual power obligations while sites converted.
The report also found Core Scientific was the only company in its table whose cash cost, at $105,821 per Bitcoin, exceeded its all-in cost of $101,597, because mining now accounts for just 13.12% of its revenue.
Keel also ceased Bitcoin mining in June and will record zero mining revenue in the third quarter, the first listed miner to reach that number, CoinShares said. The report put its second-quarter gross margin at -285% as it accelerated depreciation on retired equipment. Keel sold 1,085 BTC at an average of $69,100 and said it intends to liquidate the remaining 1,861 coins before year-end.
Source: finance.yahoo.com