BlockBeats reported that on December 7, the latest CryptoRank data showed that the average cash cost to mine one Bitcoin for mining companies has risen to $74,600. If depreciation and stock-based compensation ((SBC)) are taken into account, the total cost reaches $137,800. With network-wide computing power surpassing the symbolic 1 ZH/s mark, competition has intensified significantly, and miners’ profitability has dropped sharply. These trends are prompting many publicly listed mining companies to shift their production capacity toward higher-margin businesses such as artificial intelligence/high-performance computing ((HPC)), instead of continuing to invest in traditional Bitcoin mining. As a result, the sector is splitting into two main models:


• Infrastructure providers: redirecting mining data centers toward high-profit computing businesses
• Traditional miners: struggling to survive in an increasingly competitive environment with profit margins approaching zero
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