Bitcoin mining is facing challenges: unit hash rate revenue hits historic lows, mining companies are transitioning to AI

Mining difficulties: On February 11, data revealed that Bitcoin mining has entered a severe phase, with unit hash rate revenue dropping to approximately $35/PH, a historic low. A significant market correction has caused Bitcoin prices to fall more than 50% from the peak of $126,000 on October 12, 2025, currently maintaining in the $60,000 range.

Mining 'underwater operation': Currently, the complete production cost of Bitcoin is about $87,000, which is 45% higher than the current market price. CryptoQuant defines this phase as the 'surrender phase,' characterized by the accelerated shutdown of old mining machines and a noticeable contraction in overall network hash rate. As a result, mining company stock prices have plummeted, with some capital flowing into more stable assets like gold.

Winter is coming: North America's mining hubs (especially Texas) are facing harsh winter storms, and some mining sites have been forced to limit power to ensure the civil power grid. Additionally, with miners exiting, the network has seen an 11% historic difficulty adjustment on February 9. However, due to the substantial drop in coin prices, the profit recovery effect from the difficulty adjustment is limited.

Survival challenges for miners: The miner profit sustainability index has dropped to 21, indicating that, aside from a few low electricity price and high-efficiency operators, most miners have seen their profit margins compressed. Companies facing electricity prices above $0.05 per kWh or still using old mining machines are at risk of complete shutdown.

Mining company transformation: In the face of the '2026 mining winter,' leading companies are accelerating their transition to AI and high-performance computing (HPC). Companies like IREN and Core Scientific have redirected some data center power capacity to AI operations, while Bitfarms has announced a complete exit from Bitcoin mining to focus on AI strategy.

Industry trends: In the face of extreme challenges, can Bitcoin mining find new ways to survive? Will the AI transition of mining companies bring about a recovery? The breakout path amid the mining winter deserves ongoing attention.

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