Bitcoin price struggles near $70,000 as miners report $20,000 losses per coin. Listed companies are now selling BTC to fund AI and HPC initiatives, with over 15,000 coins liquidated. More than $700 billion in AI contracts have been signed. Altcoins to watch may benefit from this shift. The network hash rate has dropped to 920 EH/s. Firms with AI operations trade at 12.3x forward revenue compared to 5.9x for pure-play miners.

ChainCatcher report: The latest industry report reveals that Bitcoin mining is undergoing a structural turning point. The average mining cost for publicly traded mining companies has risen to approximately $80,000 per Bitcoin, while the Bitcoin price hovers around $70,000, resulting in a loss of nearly $20,000 per coin—making the industry’s profit model increasingly unsustainable. In this context, mining companies are aggressively shifting toward artificial intelligence (AI) and high-performance computing (HPC) infrastructure. To date, the industry has signed over $70 billion in related contracts, with some companies projecting that by the end of 2026, up to 70% of their revenue could come from AI operations, gradually transforming into data center operators. Funding for this transition primarily comes from two sources: increased leverage financing and the sale of Bitcoin reserves. Data shows that publicly traded mining companies have collectively sold over 15,000 BTC, with firms such as Core Scientific, Bitdeer, and Riot Platforms continuously liquidating holdings to support AI expansion. However, this trend also poses potential risks to network security. As miners reallocate computing power, the Bitcoin network’s total hash rate has declined from a peak of approximately 1,160 EH/s to around 920 EH/s, accompanied by consecutive difficulty adjustments. Market valuations have also diverged: mining companies with AI operations are valued at approximately 12.3 times their future revenue, while pure-play mining companies are valued at only 5.9 times—indicating clear capital migration toward AI transformation. Industry observers believe whether Bitcoin can reclaim the $100,000 price level will be the key determinant in whether this shift represents a temporary adjustment or a permanent transformation.