The average cash mining cost for listed bitcoin miners rose to $55,950 in the third quarter, up 13% from $49,500 in the second quarter, according to a new CoinShares research report. When 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 increase in mining costs is mainly affected by three factors: the AI boom has scattered the funds of mining companies to expand; some mining companies focus on the currency holding strategy (HODL) rather than expanding the scale of operations; the increase in electricity costs in Texas in summer affects the production of mining companies. In terms of specific mining company performance, Marathon became the mining company with the lowest cash cost, mainly benefiting from the increase in bitcoin production and tax incentives; TeraWulf fell sharply by 92% due to debt expenditure, and the cost decreased by 20%, ranking third; Riot, despite the improvement of operational efficiency, still fell to seventh place.