Bitcoin

In the competitive landscape of Bitcoin mining, <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">Texas</a>-based Cormint has emerged as a beacon of efficiency and profitability. In its latest quarterly report, Cormint disclosed a striking achievement for the year 2023: a direct cost of bitcoin <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> as low as $9,177 on average, culminating in the mining of 510 BTC. This figure not only underscores Cormint's operational efficiency but also places it at a significant advantage compared to many of its publicly traded peers, according to <a href="https://theminermag.com/news/2024-02-21/cormint-bitcoin-mining-cost/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
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The fourth quarter of 2023 saw Cormint mining 154 BTC, ending the year with an impressive nameplate <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> of 960 PH/s and holding 539 BTC on its balance sheet. These numbers reflect a robust operational performance, with the company boasting an average power price of just $28/mWh throughout 2023. This cost-effectiveness in power consumption is a critical factor in Cormint's ability to maintain low production costs.
When considering the all-in cost of bitcoin production, which includes corporate overhead in addition to direct mining expenses, Cormint reported a full-year figure of $19,255 per BTC. This comprehensive cost metric further illustrates Cormint's competitive edge in the industry, situating it at the lower end of the cost spectrum among its peers.

Cormint Achieves Remarkable Efficiency in Bitcoin Mining Costs Amidst Industry Competition

Ultramining_Eng

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