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 lose an average of approximately $19,000 per Bitcoin produced. The report points out that geopolitical conflicts in the Middle East have driven up oil prices, which in turn increased 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.