Miners are adapting by relocating to areas with stable, low-cost energy and adopting alternatives like hydro, wind, and flared gas. In places like Iran and Oman, mining 1 BTC can cost under 15K—compared to 40K–50K+ in the US. Some operations are repurposing infrastructure for AI and HPC workloads to diversify revenue, as all-in costs now exceed 106K for certain public miners. [Research Marketing]