Looking at recent miner trends, I feel like a major turning point is approaching. Miners of publicly traded companies are shifting their investments from Bitcoin mining to AI infrastructure. This might not be just a temporary trend but a sign that the industry structure itself is changing.

Riding the wave of the AI boom, capital-intensive mining operations are accelerating their capital flow into AI-related businesses. As a result, there is inevitably increased selling pressure on the Bitcoin they hold. Miners have traditionally been major long-term holders (HODLers), but that dynamic is starting to break down.

Why is this happening? AI probably offers higher profit margins. Even with the same level of power consumption, AI infrastructure might be judged to have greater investment returns. Consequently, miners are selling BTC to secure cash.

What does this mean for the overall market? Increased selling pressure from miners could put downward pressure on Bitcoin’s price. At the same time, it suggests that the appeal of the mining industry itself is weakening. We are at a crossroads where it remains to be seen whether it can sustain as a capital-intensive industry or evolve into a new form.

The structural change in the market indicates more than just price fluctuations; it hints at a reorganization of the entire industry. It’s worth watching how far this trend will go.