Bitcoin price recovery unlikely to lure AI-focused miners back, CoinShares says

What happened

CoinShares says publicly listed Bitcoin miners produced bitcoin at an average cash cost of about $75,500 in the second quarter, and a Bitcoin price recovery is unlikely to bring AI-focused miners back to mining.

Confirmed

Global impact / market context

If mining costs stay near $75,500 and Bitcoin's price does not clearly rise above that, miners could lose money per sale. That may push some companies to favor AI work instead, shifting their revenue and spending plans.

Analyst inference

Bitcoin miners face pressure when costs exceed price, reducing profit per sale. AI-focused diversification offers alternative revenue, but CoinShares doubts a price rebound will reverse that trend. This could affect how much computing power miners direct to Bitcoin versus AI tasks.

Analyst inference

What to watch

1. Watch whether Bitcoin's price moves closer to or above the $75,500 average cash cost that miners reported, since that directly affects their profit per sale. Confirmed
2. Track whether AI-focused miners announce new capital spending or data center deals, because CoinShares suggests they may stay focused on AI rather than return to mining. Proposed
3. Monitor quarterly miner earnings reports for changes in cash available or debt, as sustained low Bitcoin prices could strain their operations and force asset sales or borrowing. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• theblock.co