By the end of 2025, Bitcoin mining profits have fallen to a historic low, with hash rate revenue below $35 per PET/s, while production costs have soared to $44.8, leading to an investment payback period exceeding 1200 days. This has triggered significant transformations in the industry, with 70% of top miners now profiting from artificial intelligence infrastructure. Key initiatives include IREN's $9.7 billion deal with Microsoft, Bitfarms gradually halting its high-performance computing mining business, and companies like CleanSpark raising a massive $1.15 billion. Meanwhile, leading firms such as MARA continue to hoard Bitcoin, indicating that despite the challenges, they remain confident in the long-term outlook.