The recent Bitcoin mining industry is going through a major turning point.

In the past, it was common for mining companies to simply hold onto BTC, but now almost everyone is shifting to AI infrastructure businesses.

The reason is simple. The mining profit margin, which was nearly 90% during the bullish market in 2021, has now almost zeroed out.
Electricity costs keep rising, competition is intensifying, and Bitcoin prices are stagnating.
In such an environment, surviving solely through mining is impossible.

Many miners have realized the value of their existing data centers.
By installing AI computing equipment there, they can create a completely different revenue stream through AI infrastructure businesses.
As a result, more companies are accelerating Bitcoin sales to fund investments related to AI.

Specifically, Bitdeer has reduced its BTC holdings to zero and is fully investing in expanding AI data centers.
The head of Bitfarms has explicitly stated, "We are no longer a Bitcoin company," and Cipher Digital has sold from a record high of 2,284 BTC down to 1,500 BTC.
Riot Platforms sold $200 million worth of Bitcoin in just the last two months of 2025.

Most of the top 10 mining companies are riding this wave.
TeraWulf is minimizing BTC holdings while maintaining flexible financial strategies.
Core Scientific executed a sale of Bitcoin worth $175 million.
CleanSpark and MARA Holdings are relatively maintaining their holdings but are still exploring strategic ways to utilize them.

This trend is definitely accelerating.
Even though Bitcoin's price has risen from about $66,000 to the current $77,800 range, the pace of miners' sales has not slowed down.
That probably shows how serious they are about shifting to AI infrastructure businesses.

The rapid reorganization of the mining industry is quite interesting.
As long-term Bitcoin holders, there are complex feelings about this, but from a business perspective, it seems like a rational decision.