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American Bitcoin: power cost and cost per bitcoin, 2026

All machines are hosted at Hut 8 sites under one all-in colocation fee, so power and all-in are the same. Energy estimated from the hashrate that ran × 14.1/14.0 J/TH. Energy estimated from the bitcoin it mined.

Cost per kWh, quarter by quarter

PeriodEnergy (MWh)Power ¢/kWhAll-in ¢/kWhLoaded ¢/kWh
Q1 2026625,856 est.4.7¢ est.4.7¢ est.5.8¢ est.
Q2 2026695,273 est.4.9¢ est.4.9¢ est.5.9¢ est.
H1 20261,321,129 est.4.8¢ est.4.8¢ est.5.8¢ est.

What a bitcoin cost them

PeriodBitcoin minedPower $/BTCAll-in $/BTCLoaded $/BTCRevenue $/BTC
Q1 2026817$36,200$36,200$44,300$76,000
Q2 2026932$36,500$36,500$43,900$71,900
H1 20261,749$36,400$36,400$44,100$73,800

The hardware

PeriodDepreciationImpairmentsSpending on machines
Q1 2026$26.6m$0m$12.6m
Q2 2026$28.2m$0m$14m
H1 2026$54.9m$0m$26.6m

Full analysis, with every filing linked · All public miners

This is our analysis of the company's public filings, not an audit in the accounting sense, and it is not investment advice. Mining output depends on bitcoin's price, difficulty and uptime, and isn't guaranteed.