Digging a loss of 20,000 dollars! Am I crazy to continue digging?!
Miners collectively transition to AI: Mining costs have inverted by nearly 20,000 dollars, selling Bitcoin to raise 7 billion dollars for computing power transition
On March 28, the latest industry report shows that Bitcoin mining is undergoing a structural turning point. By the fourth quarter of 2025, the average mining cost for listed mining companies will rise to about 80,000 dollars per coin, while the price of Bitcoin hovers around 70,000 dollars, resulting in a loss of nearly 20,000 dollars per coin, making the industry’s profit model increasingly unsustainable.
In this context, mining companies are massively shifting towards artificial intelligence (AI) and high-performance computing (HPC) infrastructure. So far, the industry has signed contracts worth over 70 billion dollars related to this transition, with some companies expecting that by the end of 2026, up to 70% of their revenue will come from AI businesses, gradually transforming into data center operators.
The funds for this transformation mainly come from two sources: one is leveraged financing, and the other is selling Bitcoin reserves. Data shows that listed mining companies have cumulatively reduced their holdings by over 15,000 BTC, including Core Scientific, Bitdeer, Riot Platforms, and others that are continuously selling their holdings to support AI expansion.
However, this trend also poses potential risks to cybersecurity. As miners shift their computing power resources, the total network hash rate of Bitcoin has dropped from a high of about 1160 EH/s in 2025 to about 920 EH/s, experiencing continuous difficulty adjustments.
Market pricing has also shown divergence: mining companies with AI businesses are valued at about 12.3 times their future revenue, while pure mining companies are only at 5.9 times, indicating that capital is clearly shifting towards AI transformation.
Industry insiders believe that whether Bitcoin's price can return to 100,000 dollars will be a key variable in determining whether the mining industry undergoes a "short-term transition" or a "permanent change." $BTC
