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BTC Miners pay to stop mining: Why Bitcoin mining profits have plummeted
Bitcoin miners are accelerating their shift to artificial intelligence (AI) computing, and the latest data reveals the core reasons behind this shift. CoinShares 'report points out that the benefits of AI computing power leasing are much higher than Bitcoin mining.
Data shows that AI computing power leasing can generate approximately US$1.5 million in revenue per megawatt per year, compared with only approximately US$500,000 per megawatt in revenue. This huge revenue gap has forced many listed companies to adjust their strategic direction, with some completely reducing mining plans, and others incorporating AI workloads into existing businesses.
Miners even have to pay fees to terminate mining contracts.
Core Scientific paid approximately US$42 million to cancel orders for next-generation mining equipment and abandoned a mining agreement involving 15 Exahash computing power. Keel (formerly known as Bitfarms) and Cipher also sold some of their Bitcoin holdings, and the proceeds were used to expand AI and data center capacity. Keel completely stopped Bitcoin mining in June this year, and IREN plans to implement the same strategy by December 2026.
与此同时，其他公司采取了更为渐进的策略。例如，Mara Holdings一直在其挖矿业务中逐步增加AI工作负载。CoinShares预计这种转变将持续扩大，估计到今年年底，将有35艾哈希特的算力从上市矿企中退出。该公司还表示，比特币价格的反弹不太可能逆转这一趋势，因为许多公司已签署了长达15年的长期协议，将场地租赁给AI使用。
此外，新建AI和数据中心场地的严格监管政策也起到了推波助澜的作用。拥有现有电力接口的地点（包括旧挖矿站点）变得愈发稀缺且价值高昂。
挖矿盈利能力的衰退
比特币挖矿的成本急剧上升。CoinShares数据显示，2026年第二季度，开采一个比特币的平均成本已达到75,500美元。与此同时，比特币价格在该时期一度跌至58,400美元的低位。这种成本与价格的倒挂使得许多运营商陷入亏损境地。
挖矿收入的下滑反映了这一困境。矿工每月收入从2025年底的约6000万美元降至2026年中期的约2000万美元。比特币价格也从2025年10月的12.5万美元以上跌至2026年的6万美元以下，导致大量矿工退出或缩减规模，全网算力下降超过一半。
CoinShares指出，当前的算力下降模式与过去比特币减半后的情况相似，并推测在下一次减半事件之前，算力有望恢复。然而，并非所有人都持乐观态度。经济学家Saifedean Ammous在社交媒体上表示，挖矿行业可能已经见顶，并将持续低迷。他提到，自2028年起，每个区块的挖矿奖励将从3.125枚比特币减半至1.56枚，这将进一步降低挖矿的吸引力。
Mara首席执行官Fred Thiel此前也曾对单一挖矿业务的吸引力减弱发表过类似评论。目前，对于拥有闲置电力的矿企而言，AI租赁仍是更具盈利潜力的选择。
