According to Deep Tide TechFlow news, on December 13, CoinShares' latest research report shows that the average cash mining cost for listed mining companies in the third quarter rose to $55,950, an increase of 13% compared to $49,500 in the second quarter. If non-cash costs such as depreciation and equity incentives are included, the average mining cost will reach $106,000.

The report points out that the increase in mining costs is mainly affected by three factors: the AI boom has diverted expansion funds from mining companies; some mining companies focus on holding strategies (HODL) rather than expanding operations; and the rise in electricity costs in Texas during the summer affects production for mining companies.

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's debt expenditures have decreased by 92%, and costs have decreased by 20%, ranking third; Riot, despite improved operational efficiency, has still fallen to seventh place.

Looking ahead to 2025, the report predicts that AI business may bring new opportunities to mining companies like TeraWulf and Cipher; machine costs may increase with the rise in Bitcoin prices; some mining companies may face financial pressure, and it is recommended to pay attention to risks.