Bitcoin mining profitability has reached record lows, with June, July and March recording the three weakest monthly average hashprice readings in history at $30.37, $31.21 and $31.27, respectively. The levels were about 20% below last year’s monthly average floor of $37.89. Hashprice, the expected daily revenue from 1 PH/s of mining power, reflects Bitcoin prices, network difficulty and transaction fees. BitPlanet Research Lab says the pressure is creating a split rather than an industry-wide downturn: miners with cheap electricity and efficient machines can remain profitable, while operators using older equipment or paying 6–7 cents per kWh or more are exploring conversions to AI/HPC (artificial intelligence and high-performance computing) data centers. Public miners have announced more than $70 billion in cumulative AI/HPC contracts, but the figure represents announced contract value rather than realized revenue. Conversion requires substantially more capital than mining, and execution, construction, cancellation and customer risks remain. Miners are also selling much of their Bitcoin to preserve cash. A late-August hashprice rebound lifted the six-month forward average to $37.59, but the recovery has not yet cleared BitPlanet’s $37.89 threshold for more than two months.