Checkonchain's difficulty regression model shows that as of mid-March, Bitcoin's average production cost was approximately $88,000, while the current BTC market price is around $69,000, meaning miners are losing approximately $19,000 per bitcoin produced on average. The report states that geopolitical conflicts in the Middle East have driven up oil prices and raised electricity costs, further compressing miners' profit margins. Some listed mining companies have accelerated their transformation toward AI and high-performance computing businesses to seek more stable revenue sources. (CoinDesk)