Bitcoin miners are quietly changing course. The HODL myth is now a thing of the past, as publicly traded mining companies are funneling funds into AI infrastructure.

Over the past few months, companies like Core Scientific, Bitdeer, Riot Platforms, and Bitfarms have sold off large amounts of their Bitcoin holdings. Just these four firms have seen more than 15,000 BTC exit their maximum holdings. This isn’t just about liquidity; it’s a strategic reshuffle.

Mining profitability has hit rock bottom. The era when mining margins reached 90% during the 2021 bull market is gone. Intensified competition, soaring energy costs, and price pressures have made it difficult to sustain Bitcoin mining alone. As a result, these companies are leveraging their existing data center infrastructure to pivot toward more profitable ventures—specifically, high-performance computing hosting related to AI coins.

The current Bitcoin price, hovering around $73,500, is also accelerating this shift. That’s nearly a 50% drop from its all-time high in October. In this environment, it makes more sense for miners to liquidate assets and invest in expanding AI infrastructure.

Looking at individual companies’ moves reveals how widespread this trend is. Bitdeer sold all its Bitcoin holdings, reducing its balance to zero. It completely exited from its previous peak of 2,470 BTC. Core Scientific sold approximately $175 million worth of Bitcoin, reducing its holdings from 9,600 BTC to about 630 BTC. Riot Platforms sold all its Bitcoin mined monthly, liquidating around $200 million worth.

The CEO of Bitfarms is more direct. “We are no longer a Bitcoin company,” he declared. By reducing holdings from 3,300 BTC to around 1,800 BTC, he signaled a focus on investing in AI infrastructure.

What’s interesting is that not all companies are moving at the same pace. Marathon Digital still holds 53,800 BTC, maintaining its HODL stance. However, it has shifted to a more flexible policy, selling some newly mined Bitcoin and even lending out portions. TeraWulf holds only about 15 BTC, prioritizing balance sheet flexibility. They see Bitcoin not as a fixed asset but as an opportunity asset.

Market signals also support this view. Realized losses have dropped to around $400 million per day, down significantly from the peak of $2 billion, indicating reduced forced selling pressure. Meanwhile, realized gains have surpassed losses, pushing the profit-loss ratio to 1.4. This suggests the market has passed its bottom and is entering a recovery phase.

Ultimately, this is a pragmatic decision by mining companies. Solely relying on Bitcoin mining is becoming less competitive, and leveraging existing infrastructure to venture into high-performance computing for AI coins is far more attractive. Data centers, power supplies, and operational expertise are all assets that can be directly applied to AI infrastructure businesses.

If this trend continues, Bitcoin holdings among miners are likely to decrease further. While this may exert short-term selling pressure, in the long run, it signifies a structural reshaping of the mining industry itself. The evolution from Bitcoin mining to AI infrastructure companies is now gaining momentum.