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CoinShares: Listed mining companies' average Bitcoin mining cost in Q3 rose to $55,950, a year-on-year increase of 13%

ChainCatcher news, CoinShares' latest research report shows that the average cash mining cost of publicly listed mining companies for Bitcoin in the third quarter rose to $55,950, an increase of 13% from $49,500 in the second quarter. When accounting for non-cash costs such as depreciation and stock-based compensation, 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 expansion funds from mining companies; some mining companies are focusing on a holding strategy (HODL) rather than expanding their operations; and the summer electricity costs in Texas have impacted mining production.In terms of specific mining company performance, Marathon has become the mining company with the lowest cash costs, mainly benefiting from increased Bitcoin production and tax incentives; TeraWulf saw a significant decrease in debt expenses by 92%, reducing costs by 20%, ranking third; Riot, despite improving operational efficiency, has dropped 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 with the rise in Bitcoin prices; and some mining companies may face financial pressure, suggesting a focus on risks.
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