Bitcoin miners start funding pivot to AI with debt while selling BTC to stay liquid

Bitcoin miners‘ identity is fracturing on four fronts simultaneously: crushed margins, accelerating AI pivots, expanding debt loads, and a treasury sell discipline that no longer holds. CoinShares‘ latest mining report shows public miners‘ weighted-average cash cost was roughly $79,995 per BTC in the fourth quarter of 2025. The hash price fell to approximately $36-$38 per PH/s/day in the same quarter, then dropped fu…