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BTC 比特币新闻
根据 CoinShares 于 9 月 15 日发布的第二季度挖矿报告，即使比特币价格进一步上涨，已转向人工智能基础设施的上市公司比特币（BTC）矿工也不太可能逆转这一决定。研究员卢克·诺兰表示，已经签署的合同使得大多数运营商的转型在结构上变得不可逆转。Core Scientific 支付了近 4200 万美元取消了一项关于 15 EH/s 下一代挖矿硬件的协议，这证明了即使试图逆转也需承担巨大的财务成本。
其他运营商签署了为期 15 年或更久的 AI 和高性能计算租赁协议。这些承诺有效地将他们锁定在 AI 发展路径上，无论 BTC 的交易价格如何波动。至少有 35 EH/s 的计算能力已从上市挖矿集团中退出，相当于比特币当前 750 EH/s 网络哈希率的约 4.7%。
AI 利润优势驱动退出
与挖矿相比，AI 的经济优势显而易见。CoinShares 估计，目前这些公司的 AI 基础设施每兆瓦可产生约 150 万美元的利润。相比之下，比特币挖矿每兆瓦仅产生约 50 万美元。这种三比一的差距是推动运营商将电力和设施重新导向计算工作负载的主要驱动力。
Keel (formerly known as Bitfarms) has completely stopped mining in June 2026. IREN plans to completely withdraw from mining by the end of 2026. Cipher Digital is expected to leave the space by the end of 2027. TeraWulf is phasing out its remaining 145 MW of mining capacity. CoinShares said the decisions made by these companies were too expensive or contractually binding and could not be reversed simply by the rebound in Bitcoin prices.
CoinShares pointed out that continued BTC price increases may still drive some capacity expansion, but it is expected that such investment will be concentrated in miners who deliberately maintain model flexibility. CoinShares names Riot, MARA, HIVE and Bitdeer as examples. The companies have not signed long-term infrastructure agreements that would prevent them from resuming expanding mining operations.
Mining costs are higher than Bitcoin prices throughout the quarter
In the second quarter of 2026, the average cash cost of producing 1 BTC is approximately US$75,500. Bitcoin closed at $58,400 at the end of the quarter, meaning that most listed miners were in a cash loss during the period. The monthly average hash price, which measures revenue generated per unit of computing power, fell to a historical low of $27.70 per petahertz per second per day in June 2026.
After the quarter ended, the situation improved slightly. Bitcoin rebounded to about $77,000, pushing the hash price to about $38 per petahertz per second per day, putting most operators back above the cash break-even point. CoinShares said these improvements are unlikely to change the computing logic of companies that have committed to AI infrastructure. The length and size of existing contracts, rather than short-term price performance, are the decisive factors in determining whether these operators return to mining.
