Bitcoin's mining revenue has reached historic lows following a 38% price decline since October. According to NS3.AI, this downturn has resulted in several miners operating at a cash loss, contributing to a 12% decrease in network hashrate. Many mining facilities and power contracts are being permanently repurposed for AI computing due to its higher profitability. This transition is significantly affecting Bitcoin's security budget and network decentralization. The shift raises concerns about future network security, miner consolidation, and potential changes to Bitcoin's reliance on transaction fees to maintain security.

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