AI Now Directly Competing for Rack Space Amongst the Miners https://researchblog.coinshares.com/coinshares-bitcoin-mining-report-q4-2025-6ec054d71554 - Network hashrate has surged past 1 Zettahash/s, yet miner revenues are being squeezed by falling hash-prices and negligible transaction-fee income. - The average all-in cost for major publicly listed miners has climbed above US$ 130k/BTC, forcing a bifurcation between efficient operators and the rest. - Many miners are responding by shifting towards AI/high-performance computing infrastructure—transforming data-centres originally built for Bitcoin mining into dual-use or AI-first facilities. - The market is valuing this strategic pivot: miners with secured HPC/AI contracts are trading at tech-like multiples, while pure-play Bitcoin miners face structural headwinds. - Looking ahead, unless Bitcoin prices rise strongly, only the lowest-cost, latest-hardware miners with access to ultra-cheap power will remain comfortably profitable.(James Butterfill)