CoinShares: Mining Profit Margins at Historic Lows, AI Transformation Becomes Necessary for Miners

MarsBitNews · 2026-03-26T02:51:24+00:00

Bitcoin mining profitability has fallen to historic lows, with some miners operating at a loss and many pivoting toward AI development. It is estimated that by 2026, 70% of miners' revenue could come from AI, while increasing industry risks and valuation disparities are creating a divergence between infrastructure and mining companies.

MarsBitNews

2026-03-26 02:51:24

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According to Mars Finance, a report from Coinshares states that Bitcoin mining profitability is at a historic low. In the first quarter of 2026, the hash price dropped to approximately $28-30 per PH/s/day, hitting a new low after the halving. By the fourth quarter of 2025, the weighted average cash cost reached about $80,000 per coin, with around 15-20% of global mining machines operating at a loss. Transitioning mining companies to AI is no longer optional. Listed mining companies have announced over $70 billion in AI/HPC contracts, and by the end of 2026, up to 70% of their revenue may come from AI. Some mining companies have taken on huge debts to build AI infrastructure, fundamentally changing industry risk dynamics. Valuations of mining companies are showing clear divergence: those with HPC contracts have an EV/NTM revenue multiple of 12.3x, while pure mining companies are at 5.9x. The industry has split into infrastructure firms and mining companies, with very different prospects.

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