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