December 7th, CryptoRank released the latest data showing that the average cash cost for a mining firm to mine 1 Bitcoin has risen to $74,600. When factoring in depreciation and stock-based compensation (SBC), the total cost reaches $137,800.With the total network hashrate surpassing the symbolic milestone of 1 ZH/s, competition has significantly intensified, leading to a sharp decline in miner profitability. This trend is prompting many publicly listed mining firms to shift their capacities to higher-profit businesses such as AI/HPC (High-Performance Computing), rather than continuing to invest in traditional Bitcoin mining. The industry is thus diverging into two major models:• Infrastructure Providers: Repositioning mining data centers for high-margin computing businesses• Traditional Miners: Struggling to survive in an increasingly competitive, near-zero-profit environment