The cost to mine 1 Bitcoin (BTC) is currently estimated at $48,671, significantly influenced by rising energy costs and mining difficulty, which has increased fivefold since April 2021. Bitcoin is trading at $88,500, which represents a 36% increase since the last halving and a 130% increase compared to average prices during the previous halving cycle. Mining revenue for companies like Marathon has remained strong, with estimated costs for mining each BTC near $43,270, allowing potential profits of nearly $29,000, higher than before the halving. While large operations can still profit, many miners face challenges, with some operating at a loss due to the changed dynamics after five halvings. Additionally, despite the drop in monthly transfer volume, Bitcoin processes over 11.5 million transactions, primarily deriving miner revenue from block subsidies. Future halvings may intensify the discussion about Bitcoin's fee market structure, as transaction fees will become increasingly critical as block rewards decrease.

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