CoinShares: Bitcoin Miner 2025 Q4 Mining Cost Rises to $79,995, Facing Breakeven Pressure

March 26 — Digital asset manager CoinShares said in a report (per The Block) that Bitcoin miners are facing ongoing pressure from profit-loss dynamics while accelerating their shift to artificial intelligence (AI). CoinShares Research Director James Butterfill noted that by Q4 2025, the weighted average cash cost for publicly traded mining firms to produce one Bitcoin had climbed to roughly $79,995. Hash rate prices also dropped from $36–$38 per PH/s/day to around $28–$30 by Q1 2026, signaling continued strain on miners. The report also flagged a triple negative difficulty adjustment at the end of 2025 — the first such occurrence since July 2022. Publicly traded miners have collectively cut their Bitcoin holdings by over 15,000 coins from their peak, with Core Scientific, Bitdeer, and Riot all selling off. Marathon Digital Holdings (MARA) separately announced Thursday it was selling an additional 15,133 Bitcoins. On price outlooks, Butterfill said a Bitcoin rally to $100,000 is “not unrealistic,” with hash rate prices expected to rebound to around $37 per PH/s/day at that level. A move to the prior high near $126,000 could push hash rate prices to roughly $59. If Bitcoin stays below $80,000 for an extended period, hash rate prices will keep falling as difficulty rises — though the exit of unprofitable capacity may stabilize returns. Regarding the shift to AI, Butterfill projects publicly traded miners are accelerating their move into AI and high-performance computing (HPC), driven by higher, more stable returns in those sectors versus Bitcoin mining. AI-related revenue for these firms is expected to jump from roughly 30% currently to as high as 70% by year-end.