Bitcoin Mining Becomes More Expensive Than Buying

CoinShares analysts calculated that public miners fell below the breakeven point for the first time. The cost of mining one BTC was approximately $75,500, while the quarter closed at $58,400.

The difference amounted to about $17,000 or 29%. Hashprice dropped to a historical low in June: $27.7 per PH/s per day, compared to around $63 a year earlier.

Shift in Industry Priorities

Miners are retrofitting farms for AI due to profit differences. A megawatt dedicated to AI clients generates about $1.5 million, whereas under mining it yields around $500,000.

• Core Scientific paid $41.9 million to terminate its contract early
• Keel halted all US operations
• IREN and Cipher Digital plan to exit mining by the end of 2026–2027

AI clients sign contracts for up to 15 years, making this segment more attractive to investors.

Only flexible players such as Riot, MARA, HIVE, and Bitdeer will expand mining operations.