CoinShares: Mining profit margins are at historic lows; AI transformation has become a must for mining companies.

PANews reported on March 26th that, according to Coinshares' latest Bitcoin mining report, Bitcoin mining profit margins are at historical lows. In the first quarter of 2026, the hash rate fell to approximately $28-30 per PH/s/day, a new low since the halving. The weighted average cash cost reached approximately $80,000 per coin in the fourth quarter of 2025, and about 15-20% of mining rigs globally are operating at a loss. The shift to AI is no longer an option for mining companies. Listed mining companies have cumulatively announced over $70 billion in AI/HPC contracts, and by the end of 2026, up to 70% of their revenue may come from AI. Some mining companies have incurred huge debts for AI infrastructure development, fundamentally changing the industry's risk profile. Mining company valuations have diverged significantly. Mining companies that have secured HPC contracts have an EV/NTM revenue multiple of 12.3x, while pure mining companies have a multiple of 5.9x. The industry has differentiated into "infrastructure companies" and "mining companies," with drastically different prospects.