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

The key signal here is not the cost figure itself but what it implies about miner strategy: at an ex-tax cash cost near $75,500, a price recovery would need to be substantial before BTC mining competes with AI compute for the same capital and power. That matters most for listed miners who have already pivoted toward AI hosting, since their revenue mix is now the variable to watch rather than hashprice alone. Whether the cost base stays elevated, or AI contracts keep pulling capacity away from mining, is the open question.