Golden Finance reported that the latest research report from CoinShares showed that the average cash mining cost of listed Bitcoin mining companies rose to US$55,950 in the third quarter, an increase of 13% from US$49,500 in the second quarter. When non-cash costs such as depreciation and equity incentives are included, the average mining cost would be $106,000. The report points out that the rise in mining costs is mainly affected by three major factors: the AI ​​craze has dispersed the expansion funds of mining companies; some mining companies focus on currency holding strategies (HODL) rather than expanding the scale of operations; the rise in electricity costs in Texas during the summer affects the production of mining companies . In terms of specific mining company performance, Marathon has become the mining company with the lowest cash costs, mainly benefiting from the increase in Bitcoin production and tax incentives; TeraWulf ranks third due to a significant 92% reduction in debt expenditures and a 20% reduction in costs; Riot ranks third despite improved operational efficiency. Still dropped to seventh place.