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

CoinFeed 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 is expected to fall 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 are burdened with huge debts for AI infrastructure, and the industry's risk profile has fundamentally changed.