💡 Negative Margins & AI: Why Public Miners Are Pivoting from $STO
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For the first time in six years, Bitcoin’s hashrate declined in Q1, falling about 4% year-to-date to 1 ZH/s.
The Shift:
With production costs around $90K and Bitcoin trading near $67K, mining margins have turned negative. As a result, many public miners are pivoting toward AI and high-performance computing (HPC) to improve profitability.
The Silver Lining:
This potential exit of U.S.-listed mining giants — which control roughly 40% of total hashrate — could actually strengthen decentralization as mining power redistributes globally.
Outlook:
CoinShares still projects 1.8 ZH/s by year-end, assuming Bitcoin reaches $100K.
Question:
Is this the bottom for Bitcoin miners? 👇