[The Full Cost of Bitcoin Mining Has Soared to $138,000, Mining Companies Are Shifting to AI/HPC Business on a Large Scale] BlockBeats reported on December 7 that the latest data released by CryptoRank shows the average cash cost for mining one Bitcoin has risen to $74,600. When depreciation and stock-based compensation (SBC) are factored in, the full cost reaches $137,800. As the total network hash rate surpasses the symbolic milestone of 1 ZH/s, competition has intensified significantly, and miners' profitability has plummeted. This trend is driving many publicly listed mining companies to shift their capacity toward higher-margin businesses such as AI/HPC (High-Performance Computing) rather than continuing to invest in traditional Bitcoin mining. The industry is thus splitting into two major models: • Infrastructure Providers: Repurposing mining data centers for high-margin computing businesses • Traditional Miners: Struggling to survive in an increasingly competitive, near-zero-profit environment