The all-in cost of Bitcoin mining has soared to $138,000, and mining companies are shifting on a large scale to AI/HPC businesses.

On December 7, CryptoRank released the latest data showing that the average cash cost for mining one Bitcoin has risen to $74,600. When including depreciation and stock-based compensation (SBC), the total cost reaches as high as $137,800. As the total network hashrate surpasses the symbolic milestone of 1 ZH/s, competition has intensified significantly, and miners’ profitability has dropped sharply. This trend is prompting many publicly listed mining companies to shift capacity toward higher-margin businesses such as AI/HPC (high-performance computing), rather than continuing to invest in traditional Bitcoin mining. As a result, the industry is splitting into two main models: • Infrastructure providers: repositioning mining data centers for high-margin computing businesses • Traditional miners: struggling to survive in a more competitive, near-zero profit environment