BlockBeats News, March 26 — According to The Block, digital asset management firm CoinShares released a report indicating that Bitcoin miners are facing ongoing breakeven pressures while accelerating their transition to AI. CoinShares Research Director James Butterfill noted that by Q4 2025, the weighted average cash cost for mining a Bitcoin will rise to approximately $79,995. The hash rate price, which has fallen from $36–$38 per PH/s/day, further declined to about $28–$30 in Q1 2026, suggesting miners still face significant pressure. The report also highlighted that the difficulty adjustment at the end of 2025 was the first three consecutive negative adjustment since July 2022. The total Bitcoin holdings of publicly listed miners have decreased by over 15,000 coins from their peak, with Core Scientific, Bitdeer, and Riot all selling. MARA announced separately on Thursday that it sold an additional 15,133 Bitcoins.
Price Outlook: Butterfill stated that a Bitcoin price rebound to $100,000 “is not unrealistic,” at which point the hash rate price could rise to about $37 per PH/s/day; if it reaches the previous high near $126,000, it could reach approximately $59. If Bitcoin remains below $80,000 in the long term, the hash rate price will continue to decline as difficulty increases, but the exit of unprofitable capacity may lead to stable returns.
AI Transition: Butterfill expects that publicly listed miners are rapidly accelerating their shift toward artificial intelligence and high-performance computing, driven mainly by higher and more stable returns in these fields compared to Bitcoin mining. By the end of this year, revenue from AI is projected to increase from about 30% to as high as 70%.
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