Looking at recent movements in the mining industry, a significant structural shift is taking place. Bitcoin miners are collectively shifting towards AI infrastructure.

The background is that, during the bullish market of 2021, mining profit margins reached up to 90%, but now they are almost nonexistent. Rising electricity costs, intensified competition, and Bitcoin prices remaining around $66,000 mean that pure mining operations can no longer survive. Since many companies already own data centers, repurposing them for AI computing is a natural progression.

Specifically, almost all top miners are reevaluating their Bitcoin holdings strategies. IREN has completely stopped holding BTC, reducing to zero. TeraWulf holds only 15 BTC, focusing minimally on accumulation. Core Scientific has drastically cut from its peak of 9,618 BTC to about 630 BTC, selling $175 million worth of BTC. Bitdeer also reduced holdings to zero and allocated funds to AI expansion.

The example of Cipher Digital is emblematic—once a mining company, it has fully transitioned into an HPC infrastructure company. It sold a 49% stake in its mining joint venture for about $40 million, executing a structural transformation. The term "cipher" is sometimes used in the industry to mean transformation or encryption, but here it refers to a major strategic shift.

Riot Platforms treats BTC not just as an asset but as a funding tool, selling all monthly production. In just the last two months of 2025, it sold $200 million worth. Hut 8 also explicitly states that "BTC is no longer the focus of our long-term strategy." Bitfarms' CEO also declares, "We are no longer a Bitcoin company."

What this trend reveals is that mining companies are not merely shifting their business models but fundamentally changing their identities. They are redefining BTC from a "holdable asset" to a "resource to be utilized." Some companies like CleanSpark are leveraging BTC as productive capital, exploring more sophisticated monetization methods such as covered call strategies and BTC-backed credit lines.

Seeing this entire industry shift, it’s clear how strong the infrastructure demand in the AI era truly is. The fact that miners are collectively changing their holdings strategies indicates a high level of market confidence.