Ranking ยท as of 2026Q2
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 (2026Q2)
$635K
+75.5% vs prior quarter
Highest miner
BTDR
$40K
Average per miner
$58K
+11.7% vs prior quarter
Companies reporting
11
2026Q2
Top miners by Cash Cost / BTC ยท 2026Q2
| 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 |
Cash Cost / BTC quarterly trend (Top 8)
| 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 |
2026Q2
| # | 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 2026-10-21.