Public mining companies are feeling the heat—Q2 2025 numbers just dropped, and the pure cash outlay per Bitcoin hit around $74,600. That's what it takes just to keep the rigs running and the lights on. But here's where it gets messier: throw in depreciation on all that hardware, plus stock-based comp for employees, and suddenly you're staring at a total production cost hovering near $137,800 per coin. The gap between those two figures? That's the invisible weight dragging on balance sheets. For context, this isn't just an accounting quirk—it reflects the brutal economics of industrial-scale mining when equipment burns out faster than expected and talent demands equity. Anyone tracking miner profitability needs to watch both numbers, not just the headline cash figure.