Every time they mine, they lose $19000, and mining companies don't want to mine anymore, so they are collectively rushing towards AI! The most real change for Bitcoin mining companies this round is not halving. It's not a fluctuation in computing power. It's not that anyone bought too many mining machines. But many mining companies no longer want to rely on mining for survival. Because the accounts cannot be calculated at all. The average cash cost for a listed mining company to mine a BTC is now close to $80000. The price of Bitcoin is still around 68000 to 70000. in other words: For every piece dug, the average loss is 19000 US dollars. How can we dig this? 1. Mining companies are not losing profits, but continuing to dig is already losing money. After halving, the hash price continued to decline. In March, it dropped to $28 to $30 per PH per day. At this level, if the mid-range mining machines want to survive, the electricity price will basically have to be lowered to below 0.05 US dollars per kilowatt hour. This is no longer a matter of "earning more and earning less". Many companies continue to dig, but their cash flow cannot withstand it. So the most real change in the industry now is: Mining companies have started selling coins, borrowing money, and changing tracks, collectively rushing towards AI data centers. 2. Mining companies are jumping towards AI not because they suddenly believe in AI, but because AI provides more stable money. What is mining business? Monitor coin prices every day. Focus on difficulty. Pay attention to electricity prices. Keep an eye on the machine. What is AI business? Sign the long form. Collect rent. Get a more stable cash flow. So now a bunch of mining companies are turning around. Core Scientific、TeraWulf、Hut 8、Cipher， We have already signed large AI/HPC contracts. What does this mean? It seems that many mining companies are still mining, Essentially, it is becoming more and more like a data center company. 3. Where does the money for transformation come from? Two words: Sell coins. Of course, there is also borrowing. But the most direct action is to sell BTC. Listed mining companies have cumulatively reduced their holdings of over 15000 BTC. Core Scientific is for sale. Bitdeer clearance. Riot is selling. Even major players like Marathon have started to relax their selling privileges. To put it simply, many mining companies are still talking about their belief in Bitcoin, The body is already very honest: Sell BTC and support AI. 4. The most ironic part is that the person who was originally responsible for protecting the Bitcoin network is now withdrawing money from the Bitcoin network. Mining companies are not ordinary companies. They were originally part of the Bitcoin security budget. Now, it is precisely these companies that are starting to shift their funds, equipment, and attention towards AI. Why? Because it is more economically reasonable. But the problem also arises: If enough mining companies do this, Who will continue to bear the security costs of the Bitcoin network? The signal has already come out now. The computing power of the entire network previously surged to 1160 EH/s, but later dropped to around 920 EH/s. There have also been consecutive negative difficulty adjustments. This indicates that some miners can no longer bear it. Start exiting. Start to contract. I'm not digging anymore. 5. The market is also very realistic: whoever has an AI story has a higher valuation. Mining companies with AI/HPC contracts, The valuation can be about twice that of a pure mining company. This is equivalent to clearly telling all mining companies: Don't just focus on mining. Hurry up and turn. Whoever turns quickly has a higher valuation. So now this is no longer a 'diversified exploration'. But the entire industry is undergoing a transformation. 6. Finally, it depends on one thing: whether BTC can return to $100000. If BTC returns to $100000, Mining profit repair, Mining companies may also re emphasize their main business. But if BTC is stuck around 70000 for a long time, or even lower, Then this matter is not worth trying. Mining companies will become increasingly ruthless. The companies that used to engage in "mining hoarding waiting for a bull market" will become increasingly rare. You will see more so-called mining companies, In name, it is still mining, In fact, what we are doing is already the AI data center business.