Bitcoin costs do not have to be sky-high for a mining company to be profitable – in fact, even at today's levels, miners remain attractive investments. 

According to Rene Reyna, head of theme & specialist product methodology at Invesco, oil drilling and oil rigs are comparable business models. Oil must be traded at a certain price per barrel based on operating costs in order for the business to be profitable. 

Similarly, in the field of bitcoin mining, another capital-intensive activity, a significant driver is when a business entered the space and how it manages debt, Reyna explained. 

"What we've seen with multiple these public organisations is that when they purchase new rigs, they do it using bitcoin or by borrowing and repaying with bitcoin over the course of a year," Reyna explained. "Their debt circumstances are not as difficult as those of additional typical businesses or factories that will finance debt five or three years or more in the future, wherever they may be." 

As a result, Reyna stated that while crypto miners are highly associated with bitcoin's value, they do not require bitcoin to be worth $67,000 in order to be profitable. When these firms examine the price ranges at which they are frequently profitable, they discover that in certain instances, break-even points are about $7,000. 

"Anything beyond that is kind of margin optimistic, and so I'd say that normally, you're seeing somewhere between $20,000 and $25,000 for a number of these revenue ranges," Reyna explained. "As a result, these miners can remain relatively attractive buys and have attractive values even at today's levels, depending on the current state of the markets." 

Reyna noted that an investor can have exposure to underlying publicly listed crypto ecosystem stocks by way of firms that use the blockchain for non-crypto purposes. 

Consider the Invesco Alerian Galaxy Crypto Economic system ETF (SATO) as well as the Invesco Alerian Galaxy Blockchain Customers and Decentralized Commerce ETF (BLKC).

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