Bitcoin miners face high costs as AI shift persists, CoinShares says

Publicly listed Bitcoin miners are producing coins at a significant cash cost, a dynamic unlikely to reverse their strategic pivot toward artificial intelligence, according to a new report from CoinShares.

The research found that the average ex-tax cash cost of production for these miners was approximately $75,500 per bitcoin in the second quarter of 2026. This figure represents the direct operational expenses of mining, excluding capital expenditures and taxes.

Despite a recent recovery in the Bitcoin price, these elevated costs mean mining profitability remains under pressure for many firms. The report suggests this economic reality is a key factor keeping miners focused on diversifying their revenue streams.

CoinShares analysts indicate that the sector’s strategic shift toward high-performance computing and AI-related services is now deeply entrenched. They argue that the capital-intensive nature of this pivot makes a wholesale return to pure-play Bitcoin mining unlikely, even with improved BTC market conditions.