Miners 'collective transformation AI: Mining costs upside down by nearly $20,000, selling Bitcoin to raise $7 billion in computing power transformation

The latest industry reports show that Bitcoin mining is undergoing a structural transition. The average mining cost of listed mining companies has risen to about US$80,000 per coin, while the price of Bitcoin has only hovered around US$70,000, and the single loss is close to US$20,000. The industry's profit model has become unsustainable. In this context, mining companies are turning to artificial intelligence (AI) and high-performance computing (HPC) infrastructure on a large scale. As of now, the industry has signed more than US$70 billion in related contracts, and some companies expect that by the end of 2026, up to 70% of their revenue will come from AI business and gradually transform into data center operators. Transformation funds mainly come from two aspects: one is leveraged financing, and the other is selling bitcoin reserves. Data shows that listed mining companies have reduced their holdings of more than 15,000 BTC units, including CoreScientific, Bitdeer, RiotPlatforms, etc., which continue to sell positions to support AI expansion. However, this trend also has a potential impact on cybersecurity. As miners transfer computing power resources, Bitcoin's entire network computing power has dropped from a high of approximately 1160EH/s to approximately 920EH/s, and there has been continuous difficulty reductions. Market pricing has also diverged: mining companies with AI business are valued at about 12.3 times future revenue, while pure mining companies are only 5.9 times, and their capital is obviously tilted towards AI transformation. The industry believes that whether the price of Bitcoin can return to US$100,000 will become a key variable in determining whether mining will be a short-term transformation or a permanent change.