For every Bitcoin mined by MARA’s own mine in the third quarter, the electricity purchase cost reached US$39,674, not including maintenance and equipment depreciation. Production decreased by 7% compared with the previous quarter. The book profits brought by the appreciation of currency holdings did not make the cost pressure of mining disappear. (Previous summary: Mining company MARA sold 13,600 Bitcoins to pay off the loan, netting $634 million in Q3) (Background supplement: Bitcoin mining income calculator: real-time calculation of computing power income (Hashprice), electricity costs and shutdown currency price) Bitcoin mining company MARA Holdings announced on November 10, Taipei time, 2026 In the third quarter financial report of 2018, the expenditure for digging out one Bitcoin was spread out: the electricity purchase cost per BTC in its own mine was US$39,674, which was close to US$40,000. But this is just the electricity bill, not the full cost of mining for the company. CryptoQuant CEO Ki Young Ju estimated the average mining cost per BTC at $62,862 based on a chart produced by MARA’s financial report. The cost of purchasing electricity per coin is nearly US$40,000. The algorithm for this indicator is to divide the electricity fee paid to the power supplier by the number of Bitcoins mined by its own mine. It does not cover third-party managed mines, nor does it include mining machine depreciation, company management and financing expenses. The electricity cost per kilowatt-hour of MARA’s own mines in the third quarter was approximately US$0.04, but the electricity purchase expenditure per Bitcoin still increased by approximately 1% compared with the same period last year. The company pointed out that in addition to changes in electricity costs, the mining difficulty of the entire network is growing faster than its own computing power, which is also the reason for pushing up the cost of each coin. Just because the price of electricity is cheap, it does not mean that the same amount of coins can be mined with the same amount of electricity. The expenses on the account are not just electricity bills. In the third quarter, power purchase expenses were $48.124 million, third-party custody and other energy expenses were $71.511 million, and operations and maintenance expenses were another $21.481 million. The hosting and energy expenses of third-party mines are not included in the per-coin power purchase cost of self-owned mines. In addition to maintaining the operation of mining machines, there are also depreciation, management and financing burdens. The company also revealed that the daily cost per PH/s of computing power is US$30.8, an improvement of approximately 2% compared to the same period last year. This operating indicator includes electricity purchase, third-party custody and other energy expenses attributed to Bitcoin mining, as well as cash maintenance expenses. It is closer to the burden of the daily operation of the mining machine than looking solely at the electricity expenses of its own mines. However, maintaining operation still does not mean recovering all investment. MARA's third-quarter consolidated income statement also included approximately $151 million in depreciation and amortization, $75.815 million in general and administrative expenses, and $13.472 million in interest expense. Equipment will not stop wearing out just because the electricity bill is affordable. These company-level fees also include non-mining operations and cannot be fully allocated to Bitcoin production. For mining companies, being able to pay current electricity bills, being able to maintain mine operations, and being able to recover equipment and capital costs are three different profit thresholds. The computing power increased by 18% year-on-year, but the output in the third quarter was 7% less than the previous quarter. MARA's powered computing power reached 71.2 EH/s at the end of the quarter, an increase of 18% compared with the same period last year. However, this is the theoretical capacity of powered equipment, including mining machines that may be temporarily offline, and is not equal to the average computing power that actually continues to operate throughout the season. In the third quarter, 2,247 Bitcoins were actually mined, which was 5% more than the same period last year but 7% less than the second quarter. The company also mentioned that some Texas mines were shut down due to weather conditions. The output will be affected by the equipment online rate, network-wide competition and block production results. New computing power will not be converted into new Bitcoins in equal proportion. The appreciation of currency holdings supports profits, and selling currency to pay off debts reduces another pressure. MARA's shareholder letter shows that the net profit attributable to ordinary shareholders in the third quarter was approximately US$634 million, but it recognized approximately US$885 million in fair value gains on digital assets and related receivable assets in the quarter. During the same period, revenue fell by 35% year-on-year to approximately US$164 million; the impressive net profit mainly reflected the appreciation of the currency, rather than a sudden and sharp drop in the cost of mining per coin. After the end of the third quarter, the company sold 13,597 Bitcoins at an average price of approximately US$81,039, obtaining approximately US$1.1 billion, and used US$750 million of the total to repay the Bitcoin-backed term loan, and retrieved the 17,477 Bitcoins originally used as security. This transaction belongs to post-season capital allocation and is not the mining income in the third quarter. Selling coins allows the company to convert assets into cash and reduce mortgage loans, but it does not directly reduce the power consumption and maintenance required for each coin mined by the mine. Whether MARA can harness the financial flexibility brought by currency and convert it into sustainable operating returns still depends on power utilization, equipment efficiency and output per unit of computing power. Related reports CEO of mining company MARA: Using the same electricity to run AI is more profitable than mining, but building a computer room is 15 times more expensive CoinShares Mining Report: The cost of a single Bitcoin is approaching US$80,000! A wave of surrender broke out among mining companies, and they spent 70 billion magnesium to transform. AI Marathon took the lead in selling coins. Is a wave of selling by mining companies coming? Mining company Riot Platforms sold 20,264 BTC in the first three quarters and cashed out US$1.5 billion! Funding focuses on AI data center〈The largest Bitcoin mining company MARA’s mining cost per BTC is US$62,862! The cost of photovoltaic is US$40,000> This article was first published in BlockTempo, the most influential blockchain news media.