Crypto Winter Squeezes Bitcoin Miners as AI Pivot Gains Urgency

The crypto downturn has pushed a slew of Bitcoin miners to the brink of unprofitability, prompting operators to scale back the energy-hungry machines that keep the blockchain running.

A closely watched measure of mining revenue known as the hash price recently touched a record low, according to Hashrate Index. The median cost to mine - including overhead investment and financial expenses - remains above that level, meaning that total expenses are greater than revenue for most of the publicly-traded miners they track, according to industry publication and data provider TheMinerMag.