I have recently noticed a radical shift in the strategies of major Bitcoin miners. Many are abandoning the traditional approach and focusing solely on cryptocurrency mining, instead turning toward artificial intelligence infrastructure. This is not just a minor change — it’s a real structural transformation in the industry.

The reason is simple and clear: profit margins from Bitcoin mining have collapsed. In 2021, they reached 90%, but with rising energy costs, fierce competition, and falling prices, the situation has become critical. The current price is around $77,720, a significant drop from the peak. Mines that relied solely on digital currency mining find themselves in serious trouble.

Interestingly, most of these companies already own the necessary infrastructure — ready data centers and advanced cooling systems. So why not use them for something more profitable? That’s exactly what they are doing now.

Take Cipher Digital, for example. It was known as Cipher Mining, but it has completely reoriented itself. It sold its 49% stake in mining operations for $40 million in shares. Its Bitcoin holdings dropped from 2,284 to just 1,500. This is very clear — the company is betting on artificial intelligence, not on cryptocurrency mining.

Riot Platforms took a somewhat different route but in the same direction. It sold $200 million worth of Bitcoin in the last two months of 2025 to fund a strategic acquisition. Its holdings now are 18,005 Bitcoin, down from 19,368. The message is clear: Bitcoin is a financing tool, not a strategic reserve.

Core Scientific went even further. It sold $175 million worth of Bitcoin as its transformation accelerated. Its holdings plummeted from 2,537 to just 630 — a stunning decline from a peak of 9,618.

Even Bitfarms, which was one of the largest players in the field, issued a clear statement: “We are no longer a Bitcoin company.” The CEO was unhesitating. Now it owns only 1,827 Bitcoin instead of 3,301.

Not all companies are abandoning to the same extent. For example, MARA still holds 53,822 Bitcoin — its highest level ever — but it is more flexible in its policy. It sells new production and explores Bitcoin-backed financing options. CleanSpark manages its holdings of 13,513 as productive capital, using it to generate profits through advanced strategies.

But the overall trend is very clear: the era of “HODL at any cost” has ended for most public mines. Cryptocurrency mining is no longer the primary priority. Artificial intelligence and computing infrastructure are the future that these companies are betting on. This reflects a simple reality: the market is evolving, and smart companies are evolving with it.