Bitcoin mining profit margins have reached historic lows, according to CoinShares' latest report. In Q1 2026, the hash rate dropped to $28-30 per PH/s/day, marking a new low since the last halving. The weighted average cash cost soared to approximately $80,000 per coin by Q4 2025, with 15-20% of mining rigs operating at a loss. The report highlights a significant industry shift towards AI, with mining companies announcing over $70 billion in AI and HPC contracts. By the end of 2026, up to 70% of revenue for these companies may derive from AI. This transition has led to substantial debts for AI infrastructure, altering the industry's risk profile. Valuations have diverged, with companies securing HPC contracts achieving an EV/NTM revenue multiple of 12.3x, compared to 5.9x for pure mining firms. The industry is now split between "infrastructure companies" and traditional "mining companies," each facing distinct futures.
Bitcoin Mining Margins Hit Historic Lows, AI Transformation Becomes Essential
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