The biggest Bitcoin miner had an average cost of just $8.3k to mine one Bitcoin. With more cheaper devices, this will just keep decreasing and the Bitcoin mining industry flourishes.

The Crypto market itself has become a trillion-dollar industry by now and it very typical that such trillion-dollar industry also give birth to many internal, successful industries. One of them is undoubtedly the Bitcoin Mining industry, the very industry that is given the task to mine the Supply of the biggest Crypto.

But having your whole business based on an asset that is clearly still very volatile can often prove deadly. One of those situations was the last bear market, where due to low prices many mining firms had problems to pay off their equipment and most importantly their electricity payments.

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Quarterly Earnings statement by Riot, showing how they have an average cost of $8.3k to mine one Bitcoin

But many mining firms also got out of this crisis even stronger and showed their real endurance. One of them is Riot, the biggest Bitcoin Mining firm, they realised that they would need to cut costs radically to continue surviving, especially with decreasing mining reward after each Halving.

On their latest quarterly earing we could see how they decreased their cost to mine one BTC to $8.3k now, which is drastically below the estimated industry average cost of about $14-15k.

This is quite revolutionary and with even cheaper systems it will decrease further, so it is safe to say that the Bitcoin Mining industry will continue to flourish even with lower mining rewards and brutal bear markets. A very adaptive and flexible industry.