CoinShares: Bitcoin miners cut costs and expand AI business after April halving event

Cryptocurrency asset management company CoinShares said in its third-quarter mining report recently released that miners are cutting costs and embracing artificial intelligence as the Bitcoin industry continues to grapple with the aftermath of the April halving event. The report noted that "the Bitcoin mining industry has faced significant challenges this year, with both revenue and hash prices falling. Despite this, miners continue to roll out new infrastructure and are committed to further expansion, betting on future price increases." CoinShares said: "Based on cash cost data for the second quarter, we estimate that the average cost of producing one Bitcoin for all listed miners is now $49,500, compared to $47,200 in the first quarter, which means that for most miners, this is a profitable business at current prices." Bitcoin miners Cormint and TeraWulf are the two lowest-cost producers, paying about $15,000 and $19,000 in electricity costs for each Bitcoin produced, respectively. In comparison, other mining companies spend more than $20,000 in electricity to produce a single Bitcoin, and some mining companies, including Marathon Digital Holdings and Hive Digital, spend more than $40,000. (Cointelegraph)