According to a report from Deep Tide TechFlow, on December 13, CoinShares' latest research report shows that the average cash mining cost of publicly listed mining companies for Bitcoin rose to $55,950 in the third quarter, an increase of 13% from $49,500 in the second quarter. When accounting for non-cash costs such as depreciation and stock incentives, the average mining cost will reach $106,000.
The report points out that the rise in mining costs is mainly influenced by three factors: the AI boom has diverted funding for mining company expansion; some mining companies are focusing on a holding strategy (HODL) rather than expanding their operational scale; and the increase in electricity costs in Texas during the summer has impacted mining company production.
In terms of specific mining company performance, Marathon became the mining company with the lowest cash costs, mainly benefiting from increased Bitcoin production and tax incentives; TeraWulf ranked third due to a significant 92% reduction in debt expenses and a 20% decrease in costs; Riot, despite improving operational efficiency, fell to seventh place.
Looking ahead to 2025, the report predicts that AI business may bring new opportunities for mining companies like TeraWulf and Cipher; machine costs may increase as Bitcoin prices rise; some mining companies may face financial pressure, and it is advised to pay attention to risks.
