CoinShares has released a report revealing that Bitcoin mining costs have reached unprecedented levels in late 2024. Publicly traded miners averaged production costs of $82,162 per Bitcoin, a significant 47% increase compared to the previous quarter. This surge is attributed to several contributing factors: accelerated hardware deployments, rising tax burdens, and increased non-cash expenses like depreciation and stock-based compensation. The report also shows that excluding Hut 8 Mining (which faced substantial tax burdens), the average cash production cost among public miners stood at $75,767. With non-cash items included, the total average production cost reached a steep $137,018 per Bitcoin.