CoinShares Bitcoin Mining Report: Mining Profit Margin Is at Historical Low AI Transformation Has Becomes a Must Option for Mining Companies

On March 26, Coinshares reported that Bitcoin mining profit margins were at historically low levels. In the first quarter of 2026, the hash price fell to about US$28 -30 per PH/s/day, hitting a new low after halving. In the fourth quarter of 2025, the weighted average cash cost reached about US$80,000 per piece, and about 15-20% of the global mining machine is in a loss state. The transformation of mining companies to AI is no longer an option. Listed mining companies have announced a total of more than US$70 billion in AI/HPC contracts. By the end of 2026, up to 70% of listed mining companies 'revenue may come from AI. Some mining companies bear huge debts for AI construction, and the industry risk situation has fundamentally changed. The valuation of mining companies has been significantly divided. The EV/NTM revenue multiple of mining companies that have obtained HPC contracts is 12.3 times, and that of pure mining companies is 5.9 times. The industry has been divided into infrastructure companies and mining companies, and the prospects of the two are completely different.