Bitcoin miners' identity is fracturing on four fronts simultaneously: crushed margins, accelerating AI pivots, expanding debt loads, and a treasury sell discipline that no longer holds.CoinShares' latest mining report shows public miners' weighted-average cash cost was roughly $79,995 per BTC in the fourth quarter of 2025. The hash price fell to approximately $36-$38 per PH/s/day in the same quarter, then dropped further to around $29 in the first quarter of 2026.The network logged three consecutive negative difficulty adjustments, the first such streak since July 2022. The live hash price...