the average cash mining cost of listed Bitcoin mining companies in the third quarter has risen to $55,950, an increase of 13% from the second quarter's $49,500. If non-cash costs such as depreciation and equity incentives are included, the average mining cost will reach $106,000. The report pointed out that the rise in mining costs was mainly affected by three factors: the AI boom has dispersed mining company expansion funds; some mining companies focus on holding coins (HODL) rather than expanding operations; the rise in summer electricity costs in Texas has affected mining production. In terms of specific mining company performance, Marathon has become the mining company with the lowest cash cost, mainly benefiting from the increase in Bitcoin production and tax incentives; TeraWulf's cost has decreased by 20% due to a significant decrease in debt expenditure, ranking third; Riot's operating efficiency has improved, but it still slipped to seventh place.

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