Publicly listed Bitcoin miners fell below aggregate cash breakeven in the second quarter of 2026, as their weighted average pre-tax cash cost to produce one BTC reached about $75,500 versus Bitcoin’s $58,400 quarter-end price, CoinShares said in a report published Sept. 15. June’s average hash price fell to a record-low $27.70 per petahash per second per day, while full costs including depreciation, amortization and equity incentives ranged from about $76,529 at ABTC to $353,168 at CIFR. At least 35 exahashes per second of capacity, or about 4.7% of the 750 EH/s network rate cited by CoinShares, is scheduled to leave the publicly listed mining cohort as companies convert sites to artificial-intelligence and high-performance-computing infrastructure. CoinShares estimates AI infrastructure generates roughly $1.5 million in profit per megawatt, compared with about $500,000 for Bitcoin mining, and said long-duration contracts make the shift structurally difficult to reverse. After the quarter, Bitcoin’s recovery to approximately $77,000 lifted hash price to around $38 per petahash per second per day, bringing most operators back above cash breakeven, although companies already committed to AI are unlikely to return to mining.