CoinShares Bitcoin Mining Report: Mining Profitability at Historic Lows, AI Transition Becomes Essential for Mining Companies

金色财经_ · 2026-03-26T05:09:22+00:00

Bitcoin mining profitability has hit historic lows, and miner transformation into AI has become inevitable. It is estimated that by the end of 2026, 70% of revenue will come from AI. Some mining enterprises are burdened with massive debt, industry risks are intensifying, and valuation disparities are becoming pronounced.

金色财经_

2026-03-26 05:09:22

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Golden Finance reports that on March 26, according to Coinshares, Bitcoin mining profitability is at a historic low. In Q1 2026, the hash price dropped to approximately $28-30 per PH/s/day, hitting a new low after the halving. In Q4 2025, the weighted average cash cost reached about $80,000 per coin, with around 15-20% of global mining machines operating at a loss.
Mining companies transitioning 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 profiles.
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 companies and mining companies, with very different prospects.

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