Listed Bitcoin miners fell below aggregate cash breakeven in the second quarter of 2026 due to a weighted average pre-tax cost that exceeded the quarter-end BTC price of $58,400. The average production cost per coin reached $75,500, while the monthly average hash price dropped to a record low of $27.7/PH/s/day in June. Core Scientific paid $41.9 million to cancel 15 EH/s of next-generation hardware, and at least 35 EH/s will leave listed operators, with IREN exiting by year-end and Cipher likely to follow by late 2027.

AI compute generates $1.5 million in annualized profit per MW, three times the $0.5 million per MW produced by traditional Bitcoin mining. Listed firms with contracted AI or HPC capacity trade at an average 12.9x EV/NTM sales, compared with 3.7x for those continuing without contracts. More than 4 GW of capacity is contracted across these companies, although only 550 MW is currently billing.