According to CoinMeta, a report by CoinShares indicates that in the second quarter of 2026, the weighted average pre-tax cash mining cost for Bitcoin mining companies was approximately $75,500 per BTC. This is already higher than the price of around $58,400 at the end of the quarter. In June, the cost further dropped to a historical low of $27.7 per ph per day. The industry is clearly accelerating its transition towards AI and HPC data centers, with some mining companies beginning to cancel orders for mining machines, reduce their operations, or even exit the Bitcoin mining business. CoinShares believes that in the future, the valuation of mining companies will increasingly depend on their power resources and the value of their data center infrastructure, rather than just the scale of their computing power.