Miners are "voting with their feet," and Bitcoin mining is entering a phase of structural reorientation.

In the first quarter of 2026, publicly listed mining companies sold a total of over 32k BTC, setting a record for concentrated liquidation scale.
Meanwhile, as mining costs continue to rise, more and more mining capital is beginning to shift away from single mining operations toward AI infrastructure tracks.
This is not a short-term behavior, but a deep logical restructuring:

Mining profits are being squeezed → Passive liquidation of BTC to provide liquidity

Capital reallocation → Moving towards AI computing power and data centers

Business model upgrade → From "coin issuance" to "computing power monetization"

For the market, this means a dual impact is forming:
In the short term, miners' selling pressure increases, exerting supply-side pressure on BTC;
In the long term, mining is evolving into a hybrid industry of "energy + computing power + AI demand."
What truly matters is not how much miners are selling, but where they are investing their money.
Follow me for ongoing analysis of mining capital migration and the underlying logic changes in the crypto market.