Cave a loss of $20,000! Do I have a problem and keep mining?!

Miners collectively shifting to AI: mining costs inverted by nearly $20,000, selling Bitcoin to raise $7 billion for computing power transition
On March 28, the latest industry report shows that Bitcoin mining is undergoing a structural shift. By Q4 2025, the average mining cost for listed mining companies will rise to about $80,000 per Bitcoin, while the Bitcoin price hovers around $70,000, with a loss of nearly $20,000 per coin, making the industry’s profit model unsustainable.
Against this backdrop, mining companies are massively shifting towards artificial intelligence (AI) and high-performance computing (HPC) infrastructure. To date, the industry has signed over $70 billion in related contracts, with some companies expecting up to 70% of their revenue to come from AI by the end of 2026, gradually transforming into data centre operators.
The transition funding mainly comes from two sources: leverage financing and selling Bitcoin reserves. Data shows that listed mining companies have cumulatively reduced holdings by over 15,000 BTC, including Core Scientific, Bitdeer, Riot Platforms, among others, continuously selling holdings to support AI expansion.
However, this trend also poses potential risks to network security. As miners shift computing resources, the total network hash rate has dropped from a peak of about 1160 EH/s in 2025 to around 920 EH/s, with consecutive difficulty adjustments.
Market pricing has also diverged: miners with AI businesses are valued at approximately 12.3 times their future revenue, while pure mining companies are valued at only 5.9 times, indicating a clear capital tilt towards AI.
Industry experts believe that whether Bitcoin can return to $100,000 will be a key variable in deciding whether the industry is in a "short-term transition" or a "permanent transformation".$BTC
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