Bitcoin mining is accelerating the shift from a "mining economy" to an "AI computing power economy," with clear signals of industry restructuring.

Market expectations indicate that by the end of 2026, approximately 70% of revenue for publicly listed mining companies will come from AI-related businesses, while the share of traditional BTC mining will continue to be diluted.

Meanwhile, some mining companies, represented by MARA, have begun raising funds by selling BTC, redirecting capital toward AI computing power expansion and infrastructure deployment.

The key signal behind this is: miners are gradually transforming from "Bitcoin sellers" to "AI computing infrastructure participants."

In the short term, this may create phased selling pressure on BTC; but in the long term, the capital structure of the mining industry is being redefined and deeply integrated with the AI industry.

The real change lies not in the narrative but in the migration of capital flows.

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