On March 26, according to The Block, digital asset management firm CoinShares released a report indicating that Bitcoin miners are facing ongoing profitability pressures while accelerating their transition to AI. CoinShares Research Director James Butterfill pointed out that the weighted average cash cost for mining a Bitcoin by publicly listed mining companies in Q4 2025 has risen to approximately $79,995. The hash rate price has further declined from $36–$38 per PH/s/day to about $28–$30 in Q1 2026, meaning miners still face significant pressure. The report also noted that the three consecutive difficulty adjustments at the end of 2025 are the first since July 2022, and the total Bitcoin holdings of listed miners have decreased by over 15,000 coins from their peak. Core Scientific, Bitdeer, and Riot have all sold, with MARA announcing an additional sale of 15,133 Bitcoins on Thursday.

Regarding 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 stabilize returns.

On 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 for listed miners is projected to increase from around 30% to as high as 70%.