Bitcoin Miners Enjoy Humongous Profit Margin with $102K Price of BTC
Bitcoin miners are now enjoying humongous profit margins as the leading cryptocurrency exchanges hands for more than $102,000. According to recent figures that CryptoQuant analyst Axel Adler Jr presented, it would cost around $36,800 to mine one Bitcoin. With BTC exchanging hands at $102,894, the miners are earning a 182% profit margin.
Miner profitability boom is occurring as Bitcoin keeps rising following a steep market decline in April. The pattern is being equated to past bull cycles, particularly the stellar rally in December 2022.
BTC Mining Cost Estimated at $36.8K
Axel Adler Jr utilized April 2025 data to project the cost of mining, using the latest electricity prices, energy-efficient consumption, amortization of capital expense, and Power Usage Effectiveness (PUE) factor. The variables offer a full picture of the true cost to mine one Bitcoin.
At its current over $102K market cap, the miners are not only breaking even but even rolling over record profits. According to Adler, this kind of profitability is highly similar to earlier earlier bull market patterns.
Remnants of Bitcoin’s 2022 Bull-Run
Adler compared the current profit margins with the period from November of 2022, when Bitcoin climbed from $16,000 to $30,000 over the course of two months. That bull rally signaled the beginning of a prolonged bull market.
“This is roughly the average profitability,” Adler wrote. “It correlates with the start of the bull cycle in November 2022 and the highs of the cycle above $100K.”
If that keeps happening, the analyst believes Bitcoin is on the cusp of another massive price rally—possibly shattering all-time highs.
BTC Recovering From April Crash
Bitcoin’s recent price rally follows a dramatic fall in early April, when global markets plummeted on President Trump announcing record-breaking trade tariffs on more than 60 countries. The cryptocurrency fell below $75,000 temporarily before bouncing back and rallying.
Now, BTC has picked up speed again, hitting its daily high of $104,635 and crossing the $105K barrier for the first time since January 31. Bitcoin has increased over 21% in the last 30 days, while nearly 9% in just a week.
Coming up: Miners Position for Long-term Profits
As long as Bitcoin stays comfortably in the black above its $36.8K breakeven level, miners should be able to expect continued profitability. Adler is guessing that this cycle may compare with the early 2023 gains, when prices and mining revenues moved higher together.
With geopolitics cooling off and crypto markets heating up, Bitcoin miners seem set to benefit from the prevailing bullish sentiment—perhaps setting the stage for new all-time highs.
