CoinShares: Bitcoin Mining Sector's Q4 2025 Cost Per Coin Rises to $79,995, Facing Breakeven Pressure

BlockBeats News, March 26th, according to The Block, digital asset management company CoinShares released a report stating that Bitcoin miners are facing continued break-even pressure while accelerating the transition to AI. CoinShares Research Director James Butterfill pointed out that by the fourth quarter of 2025, the weighted average cash cost for a publicly listed mining company to mine one Bitcoin rose to around $79,995. The hash price further dropped from $36 to $38 per PH/s/day to around $28 to $30 per PH/s/day in the first quarter of 2026, indicating that miners are still under more pressure. The report also noted that there was a triple negative difficulty adjustment at the end of 2025, the first time since July 2022, with a total reduction of over 15,000 bitcoins from the treasuries of publicly listed mining companies compared to the peak. Core Scientific, Bitdeer, and Riot all sold, with MARA announcing the sale of an additional 15,133 bitcoins on Thursday.

Regarding price outlook, Butterfill stated that a Bitcoin price rise to $100,000 is "not unrealistic," with the hash price expected to rise to around $37 per PH/s/day at that time; reaching the previous high near $126,000 could see it reach around $59. If Bitcoin remains below $80,000 in the long term, the hash price will continue to decrease as difficulty rises, but the exit of loss-making capacity may stabilize returns.

On the AI transformation front, Butterfill expects that the transition of publicly listed mining companies to the field of artificial intelligence and high-performance computing is rapidly accelerating, driven mainly by these areas having higher and more stable returns than Bitcoin mining. The revenue from AI for publicly listed mining companies is expected to increase from the current approximately 30% to a maximum of 70% by the end of this year.