BTC Miners, Net Income per BTC Mined (Patreon)

Check out this fascinating chart! It highlights $IREN and $CLSK as the two most profitable miners currently, while Marathon incurs significant losses for every Bitcoin mined.

Some mining companies depend heavily on Bitcoin's price appreciation to stay profitable. The new FASB ruling permits miners to account for the price appreciation of their Bitcoin holdings in their net income figures, which can significantly distort their true operating profitability. This dependency on Bitcoin's price increase rather than operational efficiency introduces an additional layer of risk.

Note also RIOT gets huge energy credits from the grid ... which is not reflected in the chart above but is reflected in the chart below:

hat tip to Sanjay for the miner research