CoinShares: Mining profit margins are at historical lows, and AI transformation has become a necessary option for mining companies

According to a report by Coinshares, Bitcoin mining profit margins are at a historical low. In the first quarter of 2026, the hash price fell to about $28-30 per PH/s/day, reaching a new low after the halving. The weighted average cash cost in the fourth quarter of 2025 reached about $80,000 per coin, with approximately 15-20% of mining machines globally operating at a loss.

The transition of mining companies to AI is no longer an option. Publicly listed mining companies have cumulatively announced over $70 billion in AI/HPC contracts, and by the end of 2026, up to 70% of the revenue for listed mining companies may come from AI. Some mining companies are taking on huge debts for AI construction, fundamentally changing the risk landscape of the industry. There is a significant divergence in the valuation of mining companies; those obtaining HPC contracts have an EV/NTM revenue multiple of 12.3 times, while pure mining companies have a multiple of 5.9 times. The industry has differentiated into infrastructure companies and mining companies, with vastly different prospects for both.