"The weighted average cash cost to produce one bitcoin climbed to nearly $80,000, leaving many operators near breakeven. Hashprice dropped to roughly $36 to $38 per petahash per second (PH/s) per day in Q4, then fell further to around $29 in early 2026."
"James Butterfill stated the environment reflects one of the most challenging periods for miners since the last halving, driven by a combination of price pressure and rising network competition."
"Coinshares reported that publicly listed miners have announced more than $70 billion in AI and HPC-related contracts, with some firms expected to generate up to 70% of revenue from AI by the end of 2026."
"The shift reflects a basic economic trade-off: AI infrastructure offers more stable returns than bitcoin mining under current conditions, although the transition is uneven among companies."
In Q4 2025, bitcoin miners faced significant challenges as prices dropped from $124,500 to $86,000, while production costs rose to nearly $80,000. Hashprice fell to around $29 per PH/s, leading to signs of miner capitulation. Publicly listed miners are increasingly turning to AI and high-performance computing, with over $70 billion in related contracts announced. Some firms expect to generate up to 70% of their revenue from AI by 2026, reflecting a shift towards more stable returns compared to bitcoin mining. The transition varies among companies, with some focusing on data centers and others on hybrid strategies.
Read at news.bitcoin.com
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