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I have recently noticed a remarkable shift in the strategies of major Bitcoin miners. The traditional story of Bitcoin mining no longer revolves around accumulation and holding coins at all costs, but has become a story of a radical reorientation toward artificial intelligence infrastructure.
The reason is very clear. The profit margin from Bitcoin mining has significantly eroded. At its peak in 2021, profits reached up to 90%, but with rising energy costs, fierce competition, and falling prices, the situation has changed completely. The current price is around $77,660, and margin pressure is real.
The interesting part is that these miners already own the infrastructure—massive data centers and sufficient energy. So why not convert them into high-performance computing for AI? That is exactly what is happening now.
Major companies have already started. Bitdeer completely emptied its Bitcoin treasury—from 2,470 Bitcoins to zero—to fund data center expansion. Bitfarms was more candid, with the CEO announcing they are no longer a Bitcoin company. Core Scientific sold $175 million worth of Bitcoin, reducing its holdings from 2,537 Bitcoins to about 630.
Riot Platforms took a different approach—selling $200 million worth of Bitcoin in the last two months of 2025 alone to fund acquisitions. TeraWulf holds only 15 Bitcoins, while IREN has held nothing at all. Even CleanSpark, which owns over 13,000 Bitcoins, treats its holdings as productive capital rather than a long-term reserve.
What is happening here is a genuine industrial transformation. Bitcoin miners are redefining themselves as infrastructure companies. The treasury is no longer the priority—maintaining financial flexibility and growth are what matter. This reflects the new market reality where AI has become more attractive than traditional Bitcoin mining.
The trend is clear: Bitcoin mining as we knew it is shifting. This is not the end, but a strategic evolution. Companies that adapt quickly will be the winners, while those clinging to the old model may face serious challenges.