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