CoinShares: Bitcoin Miner Margins Squeezed as $70B AI/HPC Shift Builds Into 2026

CoinShares said in a report released on Wednesday that bitcoin miners entered 2026 with tighter margins as costs rose and more firms redirected capacity toward AI and high-performance computing (HPC). The report described Q4 2025 as a difficult stretch, with BTC falling from about $124,500 in October to roughly $86,000 by late December and the weighted average cash cost to produce one bitcoin nearing $80,000. CoinShares also noted more than $70 billion in AI/HPC-related contracts announced by publicly listed miners, alongside hashprice sliding to about $36–$38 per PH/s per day in Q4 and around $29 in early 2026.