Bitcoin miners’ strategies are undergoing a major shift. Once, they were all about HODLing to protect BTC, but now many publicly listed mining companies are accelerating their move into AI infrastructure businesses.

The reason behind this shift is simple. In 2021, BTC mining profit margins reached as high as 90%, but they are now nearly zero. With rising electricity costs, intensifying competition, and price compression, mining by itself no longer makes economic sense. Meanwhile, miners already have data centers equipped for high-performance computing, so switching to AI infrastructure is a natural next step.

Looking at what’s actually happening, miners’ BTC treasury strategies are diversifying. Bitdeer has cut its treasury down to zero and is pouring everything into AI expansion—fully exiting from its all-time high of 2,470 BTC. Cipher Digital has changed its company name and clearly stated its shift to HPC (high-performance computing) infrastructure, selling its 49% stake in three mining joint ventures for roughly $40 million. It has since reduced its holdings to 1,500 BTC.

Riot Platforms is being even more aggressive: it sold all of its monthly BTC output, and also sold the BTC it held as part of its balance sheet, to fund the acquisition of Rockdale. In just two months as of the end of 2025, it disposed of $200 million worth of Bitcoin. Its current holdings are 18,005 BTC.

Core Scientific also carried out a BTC sale of $175 million, sharply cutting holdings from a peak of 9,618 BTC down to 630 BTC. As for Bitfarms, the CEO even stated, “We are no longer a Bitcoin company,” reducing holdings from a peak of 3,301 BTC to 1,827 BTC.

What’s interesting is that the response differs from company to company. MARA Holdings has shifted to a flexible HODL strategy, holding 53,822 BTC while putting 28% of its holdings to lending or collateral. CleanSpark treats BTC as productive capital and is considering multiple ways to monetize it, such as covered calls and BTC-backed credit lines, while keeping 13,513 BTC.

With the BTC price falling by about 50% from around $66,000, this industry reshuffling is accelerating even further. For miners, AI infrastructure appears to be a more attractive business opportunity. It’s worth keeping an eye on how the portfolios of mining companies will evolve going forward.