CoinShares: Bitcoin mining companies' mining costs are expected to rise to $79,995 by Q4 2025, and they are currently facing breakeven pressure.

Mars Finance reports that on March 26, The Block announced that digital asset management firm CoinShares released a report indicating that Bitcoin miners are facing ongoing breakeven pressure while accelerating their transition to AI. CoinShares Research Director James Butterfill pointed out that by Q4 2025, the weighted average cash cost to mine one Bitcoin will rise 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, indicating that miners still face significant pressure. The report also notes that the three consecutive difficulty adjustments at the end of 2025 are the first since July 2022, with Bitcoin reserves of listed miners decreasing by over 15,000 coins from their peak. Core Scientific, Bitdeer, and Riot have all sold, and MARA announced separately on Thursday that it sold an additional 15,133 Bitcoins. Regarding price outlooks, Butterfill stated that a Bitcoin price rebound to $100,000 “is not unrealistic,” at which point hash rate prices 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 long-term, hash rate prices will continue to decline as difficulty increases, but the exit of unprofitable capacity may stabilize returns. On AI transition, Butterfill expects that listed miners are rapidly accelerating their shift into artificial intelligence and high-performance computing sectors, driven mainly by higher and more stable returns 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%.