There is a major shift happening in the Bitcoin mining industry. Once, miners were obsessed with accumulating BTC through the "HODL strategy," but now many publicly traded companies are taking the opposite approach.

Why is this happening? The reason is simple. The profitability of mining operations is rapidly declining. During the boom in 2021, Bitcoin mining profit margins reached 90%, but now, due to intensified competition, rising electricity costs, and compressed prices, it is losing its appeal. Especially with BTC prices hovering around $66,000, high profits like before are no longer expected.

The focus has shifted to AI infrastructure businesses. Mining companies already own data centers, and adding AI computing capabilities is a natural progression. As a result, many miners are gradually withdrawing from Bitcoin mining and selling their BTC holdings to fund AI-related ventures.

This trend is reflected in concrete numbers. Bitdeer Technologies has reduced its holdings to zero. Core Scientific has decreased from 2,537 BTC at the end of 2025 to about 630 BTC now. Riot Platforms sold $200 million worth of Bitcoin in the last two months of 2025. Bitfarms’ CEO explicitly stated, "We are no longer a Bitcoin company."

However, not all miners are shifting at the same pace. Companies like CleanSpark and MARA Holdings still hold over 50k BTC and remain committed to Bitcoin. Still, they are also becoming more flexible, shifting toward collateralization and options strategies to better utilize their assets.

This industry restructuring is not just a change in corporate strategy but suggests a fundamental transformation of the entire mining industry. Bitcoin mining will likely consolidate around players with economies of scale and technological advantages. Meanwhile, the rapid expansion of AI demand could actually increase the presence of mining companies as infrastructure providers. It’s worth paying close attention to how the market evaluates these developments.