[CoinShares: Mining Profitability at Historic Lows, AI Transformation Becomes a Necessity] According to CoinShares' latest Bitcoin mining report, Bitcoin mining profitability is at historic lows. In Q1 2026, hash price dropped to approximately $28-30 per PH/s/day, marking a new post-halving low. In Q4 2025, the weighted average cash cost reached around $80,000 per Bitcoin, with about 15-20% of mining machines globally operating at a loss. Transitioning to AI is no longer optional for mining companies. Publicly listed mining companies have collectively announced over $70 billion in AI/HPC contracts, and by the end of 2026, up to 70% of their revenue could come from AI. Some mining companies have taken on significant debt to build AI infrastructure, fundamentally altering the industry's risk profile. Valuations of mining companies have shown clear divergence: those securing HPC contracts have an EV/NTM revenue multiple of 12.3x, while pure mining companies stand at 5.9x. The industry has split into 'infrastructure companies' and 'mining companies,' with vastly different outlooks for the two.