[Analysis: Publicly Listed Mining Companies Have Reduced Actual BTC Hashrate by 23% to Transition to AI Business] According to an analysis by TheEnergyMag, publicly listed mining companies have reduced their actual Bitcoin hashrate by 23%. However, this move is not a surrender to the market but rather a shift toward AI business. Related mining companies have seen HPC and AI revenue grow by 52% quarter-over-quarter, with some leading companies achieving HPC/AI revenue surpassing mining revenue for the first time. The median revenue per megawatt-hour for AI cloud is approximately $940, more than 5 times that of the S23 Hyd miner and over 8 times that of the S21 Pro. HPC hosting revenue is around $175, comparable to mining revenue, but hosting revenue typically involves multi-year contracts, and electricity costs can often be passed on to customers. The transition costs are significant, with the 14 mining companies included in the statistics reporting single-quarter capital expenditures of $18.6 billion, nearly 15 times their revenue.