#2024WithBinance Cryptocurrency miners are abandoning Bitcoin mining in favor of supporting artificial intelligence (AI) programs due to the high costs of mining digital assets.$BTC $XRP $DOGE

According to CoinShares, in the third quarter of 2024, the average cost of mining one Bitcoin by legal organizations increased by 13% compared to the second quarter and amounted to $55,950. Because of this, some mining enterprises have curtailed projects to increase the hash rate of equipment in order to invest more in AI.

With Bitcoin currently trading at $94,345, mining one coin brings a profit of $38,395, given the cost of mining at $55,950. Thus, the profitability of cryptocurrency mining reaches 69%. Accordingly, the refusal of BTC mining in favor of AI can be explained by the fact that calculations for artificial intelligence bring even more profit, or miners expect the Bitcoin rate to fall, which will cause a decrease in profits.#BtcNewHolder