According to information obtained by Wu Blockchain, CryptoRank data shows that the average cash cost for publicly listed mining companies to mine 1 BTC has reached approximately $74,600. When depreciation and stock-based compensation (SBC) are included, the total cost rises to about $137,800. As the total Bitcoin network hashrate surpasses the symbolic threshold of 1 ZH/s, competition has intensified significantly, mining profits have rapidly declined, and some mining companies have begun shifting their hashrate and data center assets to AI/HPC (high-performance computing) businesses in pursuit of higher profits.