CoinShares: Public BTC Mining Cash Cost Hit $79,995 in Q4 2025 as AI Pivot Accelerates

CoinShares said public Bitcoin miners faced a tougher profit backdrop after the April 2024 halving, with the weighted average cash cost to produce 1 BTC rising to about $79,995 in Q4 2025. The firm added that hash price slipped to roughly $29 per PH/s/day in Q1 2026, widening the gap between miners staying purely BTC-focused and those building AI infrastructure.