Bitcoin mining profitability hit record lows in November 2025, with hash rates dropping below $35 per petahash per second and production costs rising to $44.8 per petahash. This has led to a significant industry shift, with 70% of top mining companies now generating revenue from artificial intelligence infrastructure. The pivot comes as miners face extended payback periods exceeding 1,200 days and increased regulatory pressures. The transition to AI is accelerating, with companies like Bitfarms planning to phase out Bitcoin mining entirely by 2026, converting facilities into high-performance computing centers. IREN secured a $9.7 billion GPU cloud computing deal with Microsoft, highlighting the growing focus on AI. Meanwhile, financing strategies are evolving, with major capital restructuring through convertible note issuances and strategic investments in AI and energy infrastructure. Despite the challenges, leading miners are strategically accumulating Bitcoin, signaling confidence in its long-term value. MARA holds 53,250 BTC, while CleanSpark and Cango also report significant reserves. This accumulation strategy suggests that miners are betting on a future recovery in Bitcoin's profitability, positioning themselves to benefit from potential market rebounds.