According to a research report by Canaccord Genuity, Bitcoin mining is expected to remain profitable in 2025 due to stable production economics. The cost-to-mine Bitcoin is estimated to be around $26,000-$28,000 per Bitcoin for leading players. The report also highlights the increasing interest in alternative uses for mining companies' power supplies, particularly in the field of artificial intelligence (AI) data center hosting. Co-hosting deals in this area are expected to be announced early this year, potentially involving companies like Galaxy Digital and Applied Digital. Canaccord also noted that larger miners are using their capital to upgrade their fleets, strengthening their competitive position and increasing their share of the network hashrate.



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