Bitcoin miners face breakeven pressure as AI pivot accelerates, CoinShares says

CoinShares' recent report indicates that Bitcoin miners experienced significant pressure in late 2025 and early 2026 due to declining Bitcoin prices, increased network competition, and a subsequent drop in hashprice, compressing their profit margins. The weighted average cash cost to produce one Bitcoin rose to approximately $79,995 in Q4 2025. This challenging period, following the April 2024 halving, saw a 31% drop in Bitcoin's price and near-record hashrate, pushing many miners near or below their breakeven point. Consequently, some miners have begun selling off Bitcoin holdings, with publicly listed miners reducing their treasuries by over 15,000 BTC.

However, the report highlights a growing trend: miners are increasingly pivoting towards Artificial Intelligence (AI) and high-performance computing, driven by the potential for higher and more stable returns. CoinShares estimates that AI could contribute up to 70% of listed miners' revenue by year-end, with over $70 billion in cumulative AI contracts announced. This shift is transforming the sector, differentiating between pure-play Bitcoin miners and those becoming data center operators.

Despite recent hashrate declines, CoinShares doesn't foresee a complete collapse in mining. They project hashrate could reach 1.8 zetahash by the end of 2026, and note a shift in geographic distribution, with the U.S., China, and Russia controlling the majority of global hashrate, alongside emerging markets seeking lower-cost power.

(Source：The Block)