Bitcoin mining expenses in the US have risen to at least $17,000 per BTC due to soaring electricity rates across the states, leading to increased operational costs and lower returns. However, in Q1 2023, the miners' hash price rose 31% due to Bitcoin's price recovery. New Mexico emerged as the cheapest state for Bitcoin miners, while Hawaii was the most expensive.

The researchers anticipate that Bitcoin mining margins will grow further based on the US Energy Information Association's expectations of energy price deflation. Lower operational costs could help otherwise cash-strapped Bitcoin mining companies survive in 2023. Bitcoin mining stocks, such as Core Scientific and the HI Crypto Mining Stock Index, have shown strong performance, indicating a return of investor appetite for mining stocks.