According to Odaily Planet Daily, cryptocurrency asset management company CoinShares said in its third-quarter mining report that as the Bitcoin industry copes with the impact of the halving event, mining companies are cutting costs and embracing artificial intelligence.
The report noted that the Bitcoin mining industry has faced significant challenges this year, with revenue and hash prices falling. Despite this, miners continue to launch new infrastructure and expand, betting on future price increases.
CoinShares said it cost miners an average of $49,500 to produce one bitcoin in the second quarter, compared with $47,200 in the first quarter. For most miners, it’s a profitable business.
Bitcoin miners Cormint and TeraWulf are the lowest-cost producers, paying about $15,000 and $19,000, respectively, for electricity to produce one bitcoin. In comparison, other miners pay more than $20,000 per bitcoin, and some, including Marathon Digital Holdings and Hive Digital, pay more than $40,000.
