[CoinShares Bitcoin Mining Report: Mining Profitability at Historic Lows, AI Transition Becomes a Necessity] According to a report by CoinShares on March 26, Bitcoin mining profitability is at historic lows. In Q1 2026, hash price dropped to approximately $28-30 per PH/s/day, marking a new low post-halving. In Q4 2025, the weighted average cash cost per Bitcoin reached around $80,000, 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 may 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. Companies 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.