Bitcoin Mining All-In Cost Reaches $137,800 as Miners Shift to AI and HPC

The average all-in cost to mine one Bitcoin reached $137,800, including depreciation and stock-based compensation, while cash costs stood at $74,600, CryptoRank data released on Dec. 7 show. Network hashrate surpassed 1 ZH/s, intensifying competition and compressing miner profitability. Cost pressures are driving publicly traded mining companies to redirect capacity toward AI and high-performance computing operations, which offer higher margins than traditional Bitcoin mining. The industry is bifurcating into infrastructure providers repositioning mining facilities as data centers for computing services, and traditional miners operating in a near-zero-profit, highly competitive environment.