CoinShares: Bitcoin miners are facing breakeven pressure when mining costs rise to US$79995 in Q4 2025

According to TheBlock, digital asset management company CoinShares released a report stating that Bitcoin miners are facing continued break-even pressure while accelerating the transition to AI. James Butterfill, director of research at CoinShares, pointed out that the weighted average cash cost of a listed mining company digging up a bitcoin in the fourth quarter of 2025 rose to approximately US$79,995. Computing power prices fell further from US$36 to US$38/PH/s/day to approximately US$28 to 30 in the first quarter of 2026, which means that miners are still facing more pressure. The report also pointed out that there was a three-day negative difficulty adjustment at the end of 2025, the first time since July 2022. The total bitcoin treasury of listed miners has dropped by more than 15,000 from the peak. CoreScientific, Bitdeer, and Riot have all been sold. MARA separately announced on Thursday that it has sold another 15,133 bitcoins. In terms of price outlook, Butterfill said that it is "not unrealistic" for the Bitcoin price to rebound to US$100,000, when the computing power price is expected to rise to about US$37/PH/s/day; if it hits its previous high near US$126,000, it could reach about US$59. If Bitcoin remains below US$80,000 for a long time, the price of computing power will continue to fall as the difficulty increases, but the exit of loss-making production capacity may stabilize the return. In terms of AI transformation, Butterfill expects that the transformation of listed mining companies into artificial intelligence and high-performance computing fields is rapidly accelerating. The main driving force is that these areas have higher and more stable returns than Bitcoin mining. The proportion of revenue from AI for listed mining companies will rise from about 30% at the end of this year to a maximum of 70%.