The Bitcoin mining industry is undergoing a dramatic shift, with over 15,000 BTC sold and more on the way as miners pivot to the world of artificial intelligence (AI). But why are they turning their backs on the cryptocurrency that made them famous?
The End of Bitcoin 'HODLing': Publicly listed miners are abandoning the once-popular practice of holding onto Bitcoin at all costs, or 'HODLing', as they transition into the AI infrastructure space. With the mining business becoming increasingly challenging due to intense competition, soaring energy costs, and shrinking profit margins, miners are seeking greener pastures.
A Tough Market for Bitcoin Miners: During the 2021 bull run, Bitcoin mining profits soared to as high as 90% (as reported by CoinDesk). However, the landscape has changed drastically since then. The profit margin has vanished, leaving miners who solely relied on Bitcoin mining in a precarious position. As a result, many miners are leveraging their existing data centers to host AI computing machines, marking a significant shift in their business focus.
AI Infrastructure: The New Frontier: As Bitcoin prices hover around $66,000, down 50% from October's all-time high, miners are selling their BTC holdings to fund AI expansions. This trend is evident among the top 10 public miners, who are either selling their Bitcoin or openly discussing sales to finance their AI ventures. Here's a closer look at some of these miners:
- IREN: This company has never been ideologically tied to Bitcoin, focusing on infrastructure scale and operational execution in high-performance computing. It currently holds 0 BTC, indicating a clear departure from a treasury-driven strategy.
- TeraWulf: Taking a pragmatic approach, TeraWulf avoids a rigid treasury policy while maintaining balance sheet flexibility for AI-aligned growth. It holds a minimal 15 BTC, reflecting its focus on growth rather than accumulation.
- Cipher Digital: Formerly known as Cipher Mining, this company has explicitly pivoted to HPC infrastructure, calling 2025 a transformative year. It divested its stake in mining joint ventures for $40 million in stock and now holds 1,500 BTC, down from its peak of 2,284 BTC, showcasing a gradual reduction in Bitcoin holdings.
- Riot Platforms: Riot has been using Bitcoin as a funding tool, selling all monthly production and liquidating balance sheet holdings, including nearly 1,100 BTC to finance acquisitions. It sold $200 million worth of Bitcoin in the last two months of 2025 and currently holds 18,005 BTC, down from its peak.
- Hut 8: In its Q4 earnings call, Hut 8 stated that Bitcoin is no longer a long-term strategic focus, favoring its equity stake in American Bitcoin, which holds 6,039 BTC. Hut 8's balance remains unchanged at 13,696 BTC from its peak.
- Core Scientific: This company sold $175 million worth of Bitcoin as it accelerated its AI pivot. Its BTC holdings have dropped significantly to around 630 BTC from a high of 9,618 BTC.
- MARA Holdings: Once a strict HODLer, MARA has softened its stance, selling newly mined Bitcoin and adopting a more flexible policy. It still holds 53,822 BTC, matching its all-time high, despite this change in strategy.
- CleanSpark: With over 13,000 BTC, CleanSpark monetizes its Bitcoin holdings through various means, including covered calls and exploring credit lines. Its current balance is in line with its historical peak.
- Bitdeer Technologies: Bitdeer has completely emptied its Bitcoin treasury to fund AI data center expansion, a significant move from its previous peak of 2,470 BTC.
- Bitfarms: CEO Ben Gagnon has been outspoken about the company's repositioning, stating they are no longer a Bitcoin company. Bitfarms now holds 1,827 BTC, down from its peak, as it focuses on AI infrastructure.
Controversial Move or Smart Adaptation?: This shift from Bitcoin to AI has sparked debates within the crypto community. Some argue that miners are abandoning the very asset that brought them success, while others see it as a necessary adaptation to survive in a rapidly evolving market.
And here's where it gets interesting: as miners move into AI, they are not just diversifying their business but also potentially shaping the future of AI infrastructure. But is this a sustainable strategy, or will it lead to a new set of challenges? The crypto world is watching with bated breath as this story unfolds.
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