Bitcoin mining is under pressure: in the fourth quarter of 2025, the average production costs of listed miners rose to around USD 80,000 per $BTC (+0,65%). At the same time, margins are falling because hash prices have fallen to multi-year lows. It is striking: More and more miners are switching to the AI and data center business because it offers more stable and often higher returns. The sector is thus increasingly dividing into traditional Bitcoin miners and infrastructure companies with an AI focus.
(Text: James Butterfill, CoinShares' Head of Research)
