@lunarhermit
Bitcoin mining’s getting squeezed hard: cash cost to produce 1 BTC is around $74.6k, and “all-in” cost (including depreciation + SBC) is being pegged near $137.8k.
With network hashrate pushing past 1 ZH/s, competition ramps, margins compress, and a bunch of public miners are doing the obvious pivot: repurposing BTC mining infra into AI/HPC compute, where the spreads can be way better.
Feels like the industry splitting into two camps:
infra operators chasing AI/HPC profitability vs. pure miners grinding it out with near-zero margin in a brutal market.
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