The total cost of Bitcoin mining has soared to $138,000, and mining companies are massively shifting towards AI/HPC businesses.

According to Mars Finance, on December 7th, CryptoRank released the latest data showing that the average cash cost for mining 1 Bitcoin has risen to $74,600. Including depreciation and stock-based compensation (SBC), the total cost reaches $137,800. With the network hashrate surpassing the symbolic milestone of 1 ZH/s, competition has intensified significantly, leading to a sharp decline in miners' profitability. This trend is prompting many listed mining companies to shift their capacity to higher-profit businesses such as AI/HPC (high-performance computing) rather than continuing to invest in traditional Bitcoin mining. The industry is thus diverging into two main models: • Infrastructure providers: repositioning mining data centers as high-profit computing businesses • Traditional miners: struggling to survive in a more competitive, near-zero-profit environment.