Bitcoin Miners Are Under Heavy Profit Pressure, CoinShares Finds
CoinShares' Q1 2026 report reveals Bitcoin miners are under severe financial pressure due to falling BTC prices, low hashprice, and intense competition, pushing many toward breakeven or losses. The weighted average cash cost to produce one BTC rose to nearly $80,000 in Q4 2025. Hashprice dropped significantly to $29/PH/s/day in Q1, causing miner capitulation and three consecutive negative difficulty adjustments. Approximately 15-20% of the global mining fleet is now unprofitable. Public miners have sold over 15,000 BTC from their treasuries, with some liquidating holdings entirely. The sector is diverging: some remain focused on Bitcoin, while others pivot to AI and high-performance computing, with AI revenue potentially reaching 70% by end-2026. This shift introduces new risks as companies take on substantial debt to fund AI expansions.
bitcoinist03/27 19:47
