Bitcoin spot through the miner unit-cost stack
BTC minted
unit cost split
coin sold at spot
revenue = spot × coins
revenue enters stack
rides market spot
0
20k
40k
60k
80k
100k
to EPS
depreciation
cash ops
all-in cost
$90,631
incl. depreciation
prod value $71,667
cash cost $49,912
excl. depreciation
Self-funding
covers cash ops, not
depreciation — GAAP loss
cash margin ≈ +$22.8k / BTC
GAAP P&L ≈ −$17.9k / BTC
Resolution paths
spot above all-in $90,631
fleet cost falls
newer gen
power
curtail
GAAP profit unlocks
BTC spot ≈ $72,700
cash cost
spot now
all-in cost