Bitcoin Price Recovery Unlikely to Lure AI-Focused Miners Back, CoinShares Says
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In a report published on Tuesday (15), CoinShares points out that bitcoin mining has gone through its most difficult period since the halving of 2024. That's because the network hashrate had a long and lasting fall in recent months. Mining companies, however, would not be worried about it. After all, many are migrating to serve [...] Source: CoinShares highlights pressure on bitcoin mining companies and states that companies will continue migrat…
BTC’s price rebound temporarily improves the mining economy, but CoinShares considers that infrastructure contracts for AI will make it difficult for operators who changed businesses to return. *** The quoted miners produced BTC at an average cash cost of USD $75,500 during the second quarter. At least 35 EH/s could come out of the quoted miners, about 4.7% of the current network’s hashrate. CoinShares estimates that the AI generates around USD …
According to ChainCatcher, crypto asset management firm CoinShares stated that the shift of Bitcoin miners towards AI has reached a point where even a native Bitcoin recovery would be difficult to reverse. At least 35 EH/s of hashrate is planned to leave publicly traded mining companies, with publicly traded Bitcoin mining company IREN planning to exit by the end of the year, and Cipher potentially following suit by the end of 2027.
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