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🚨 MINERS ARE IN TROUBLE
- MARA sold 15,000 $BTC ,
- Bitdeer sold all of its $BTC ,
- Riot is selling $BTC to fund data center construction
The biggest miners are LEAVING.
Why?
Because AI pays more.
These are BIG players.
They have massive impact on Bitcoin’s hashrate.
What they’re doing now is bringing hashrate down.
Hashrate down -> Difficulty down
Difficulty down -> Lower margins for the miners that remain.
And the worst part:
Price tends to follow hash…
#mining #AI
- MARA sold 15,000 $BTC ,
- Bitdeer sold all of its $BTC ,
- Riot is selling $BTC to fund data center construction
The biggest miners are LEAVING.
Why?
Because AI pays more.
These are BIG players.
They have massive impact on Bitcoin’s hashrate.
What they’re doing now is bringing hashrate down.
Hashrate down -> Difficulty down
Difficulty down -> Lower margins for the miners that remain.
And the worst part:
Price tends to follow hash…
#mining #AI
Washington Targets Bitmain Amid Espionage Fears Over Chinese Bitcoin Mining Hardware
The U.S. government's patience with Chinese crypto hardware on American soil is running thin - and Bitmain Technologies is now squarely in the crosshairs.
Key Takeaways
Senator Warren formally demanded Commerce Department records on Bitmain over espionage and power grid sabotage fears.A 2024 federal review flagged Bitmain hardware near U.S. military sites as a national security risk.Bitmain controls over 80% of the global Bitcoin mining hardware market - making any regulatory action a seismic event for the industry.The company is opening U.S. and Southeast Asian factories to outmaneuver tariffs and political pressure.
According to Bloomberg, Senator Elizabeth Warren sent a formal letter to Commerce Secretary Howard Lutnick this week, demanding documents related to how the department is handling what she calls "potential national security concerns" tied to Bitmain, the Beijing-based manufacturer that supplies the overwhelming majority of the world's Bitcoin mining rigs. The letter isn't a courtesy inquiry. It's a pressure campaign - and it lands on top of an already active federal investigation into whether Bitmain's machines could be leveraged for espionage or, worse, weaponized to disrupt the U.S. power grid.
This isn't Warren's first swing at the crypto industry, but it may be her most consequential.
The Actual Threat on the Table
The concern isn't theoretical. A May 2024 federal review specifically flagged Bitmain equipment deployed near sensitive U.S. military installations, raising what officials described as "significant national security concerns" about the potential for remote access by personnel based in China. Mining rigs - by design - are always-on, internet-connected machines drawing massive amounts of power. If that remote access is real and exploitable, the implications go well beyond lost Bitcoin.
The Department of Homeland Security has an active probe on this - internally dubbed Operation Red Sunset - examining whether Bitmain hardware could be used to conduct espionage or physically destabilize grid infrastructure. That kind of investigation doesn't get opened on a whim.
Bitmain, for its part, called reports of the federal probe "false news" and insisted it "strictly complies with U.S. and applicable laws." That's a standard denial, and it's unlikely to satisfy anyone in Washington right now.
Why Bitmain Is Impossible to Ignore
The scale of Bitmain's footprint is what makes this politically unavoidable. The company doesn't just participate in the Bitcoin mining hardware market - it dominates it, controlling upwards of 80% of global ASIC supply. Its mining pool, AntPool, currently accounts for roughly 18.3% of the entire Bitcoin network's hashrate. When American Bitcoin - a major U.S. mining operation - recently cut a $314 million deal to acquire 16,000 Bitmain rigs, it wasn't a business decision made in a vacuum. There simply isn't a meaningful alternative supplier at that scale.
That dependency is exactly what makes the national security argument complicated. Banning or severely restricting Bitmain hardware doesn't just inconvenience a few mining companies - it structurally destabilizes an industry that has become deeply embedded in U.S. energy markets and, increasingly, in AI infrastructure investment.
[readmore id="175236"]
Warren's office has previously documented just how embedded that energy footprint is. An investigation into seven large U.S. cryptomining operations found a combined capacity exceeding 1,045 megawatts - enough to power every residence in Houston. A separate study found that cryptomining in upstate New York alone pushed electricity bills up by roughly $165 million annually for small businesses and $79 million for individual ratepayers. The machines running most of that load are Bitmain machines.
The Political Layer Nobody Is Ignoring
Warren's letter did something notable beyond the national security framing - it asked pointed questions about whether Bitmain has had communications with members of the Trump family or with the Commerce Department under politically sensitive circumstances. She explicitly warned against "politically connected crypto interests" receiving preferential treatment.
That's a significant escalation. It reframes what could be a straightforward regulatory inquiry into something with a much sharper edge - suggesting that the concern isn't only about Chinese hardware on American soil, but about who in Washington might be running interference for it. Whether or not that allegation gains traction, it guarantees the story won't quietly disappear from the news cycle.
Bitmain's Next Move
What's worth noting is that Bitmain isn't behaving like a company expecting to be shut out of the American market. In fact, it's moving aggressively in the opposite direction.
The company is in the process of opening its first U.S. manufacturing facility - reportedly in Texas or Florida - with production expected to begin in 2026 and scale fully by year-end. The strategic logic is straightforward: a domestically manufactured product is a much harder target for national security restrictions than one shipped directly from China. It's also a hedge against the 25% tariffs currently making imports more expensive.
Simultaneously, Bitmain has opened assembly operations in Malaysia and Vietnam - a supply chain restructuring that mirrors what other Chinese tech manufacturers have been doing for years to keep products flowing into Western markets regardless of what happens to direct Chinese exports.
On the hardware side, the company is not coasting. Its 2026 lineup includes the Antminer S23 Hydro, which reaches an efficiency of 9.5 joules per terahash at 580 TH/s - a meaningful jump that directly targets the profitability squeeze miners are feeling as network difficulty climbs. The Antminer S21 XP is already shipping at scale. The company has also moved into AI server infrastructure, following a broader industry trend where major miners are repositioning themselves as AI data center operators.
None of this is the behavior of a company planning a quiet exit. Bitmain is digging in.
What Comes Next
The regulatory trajectory here is not hard to read. Warren is almost certain to continue pushing her Digital Asset Anti-Money Laundering Act, which targets loopholes that allow state actors - she specifically names North Korea and Iran - to use crypto infrastructure for sanctions evasion. New mandatory reporting requirements on energy usage and emissions, directed at mining operators and filed with the EPA and DOE, are increasingly likely.
The Commerce Department blacklisted Bitmain's AI affiliate, Sophgo Technologies, over alleged ties to Huawei - a move that signals the administration is willing to use existing trade enforcement tools against the Bitmain corporate family, even if direct action against the parent company remains politically complicated.
The core tension is this: the U.S. cannot easily replace Bitmain's hardware, but it also cannot indefinitely tolerate the national security exposure - real or perceived - that comes with Chinese-manufactured, always-on machines embedded across the American energy grid. Something has to give. Whether that's tighter oversight, mandatory hardware audits, accelerated domestic manufacturing incentives, or outright restrictions on Chinese-origin mining equipment, the window for the status quo is closing.
For the crypto industry, the next 12 months will likely define what operating in America actually looks like going forward. The era of regulatory ambiguity - Warren's "wild west" - appears to be ending, one letter to a cabinet secretary at a time.
Meanwhile, China Isn't Waiting
The Bitmain probe is one piece of a much larger picture. While Washington debates how much Chinese hardware is too much, Beijing has been quietly building something far more ambitious than a mining rig.
China's national "Chang'An Chain" initiative - formally known as ChainMaker - recently unveiled a domestically developed 96-core blockchain acceleration chip. The numbers are straightforward: smart contracts process 50 times faster than current standards, digital signature verification runs 20 times quicker, and on raw transaction throughput it matches Visa and Mastercard at peak load.
The more significant detail is what's underneath it. The chip runs on RISC-V - an open architecture that gives China complete domestic control with no foreign licensing dependencies. No external leverage points. It's part of what Beijing describes as its first fully homegrown blockchain software-hardware stack, and it's not a prototype - it's already operational across 16 central government ministries, 27 state-owned enterprises, and over 300,000 cross-border trade companies.
The U.S. is scrutinizing what Chinese hardware is doing inside its borders. China, meanwhile, is building the infrastructure to not need anyone else's.
#mining
Key Takeaways
Senator Warren formally demanded Commerce Department records on Bitmain over espionage and power grid sabotage fears.A 2024 federal review flagged Bitmain hardware near U.S. military sites as a national security risk.Bitmain controls over 80% of the global Bitcoin mining hardware market - making any regulatory action a seismic event for the industry.The company is opening U.S. and Southeast Asian factories to outmaneuver tariffs and political pressure.
According to Bloomberg, Senator Elizabeth Warren sent a formal letter to Commerce Secretary Howard Lutnick this week, demanding documents related to how the department is handling what she calls "potential national security concerns" tied to Bitmain, the Beijing-based manufacturer that supplies the overwhelming majority of the world's Bitcoin mining rigs. The letter isn't a courtesy inquiry. It's a pressure campaign - and it lands on top of an already active federal investigation into whether Bitmain's machines could be leveraged for espionage or, worse, weaponized to disrupt the U.S. power grid.
This isn't Warren's first swing at the crypto industry, but it may be her most consequential.
The Actual Threat on the Table
The concern isn't theoretical. A May 2024 federal review specifically flagged Bitmain equipment deployed near sensitive U.S. military installations, raising what officials described as "significant national security concerns" about the potential for remote access by personnel based in China. Mining rigs - by design - are always-on, internet-connected machines drawing massive amounts of power. If that remote access is real and exploitable, the implications go well beyond lost Bitcoin.
The Department of Homeland Security has an active probe on this - internally dubbed Operation Red Sunset - examining whether Bitmain hardware could be used to conduct espionage or physically destabilize grid infrastructure. That kind of investigation doesn't get opened on a whim.
Bitmain, for its part, called reports of the federal probe "false news" and insisted it "strictly complies with U.S. and applicable laws." That's a standard denial, and it's unlikely to satisfy anyone in Washington right now.
Why Bitmain Is Impossible to Ignore
The scale of Bitmain's footprint is what makes this politically unavoidable. The company doesn't just participate in the Bitcoin mining hardware market - it dominates it, controlling upwards of 80% of global ASIC supply. Its mining pool, AntPool, currently accounts for roughly 18.3% of the entire Bitcoin network's hashrate. When American Bitcoin - a major U.S. mining operation - recently cut a $314 million deal to acquire 16,000 Bitmain rigs, it wasn't a business decision made in a vacuum. There simply isn't a meaningful alternative supplier at that scale.
That dependency is exactly what makes the national security argument complicated. Banning or severely restricting Bitmain hardware doesn't just inconvenience a few mining companies - it structurally destabilizes an industry that has become deeply embedded in U.S. energy markets and, increasingly, in AI infrastructure investment.
[readmore id="175236"]
Warren's office has previously documented just how embedded that energy footprint is. An investigation into seven large U.S. cryptomining operations found a combined capacity exceeding 1,045 megawatts - enough to power every residence in Houston. A separate study found that cryptomining in upstate New York alone pushed electricity bills up by roughly $165 million annually for small businesses and $79 million for individual ratepayers. The machines running most of that load are Bitmain machines.
The Political Layer Nobody Is Ignoring
Warren's letter did something notable beyond the national security framing - it asked pointed questions about whether Bitmain has had communications with members of the Trump family or with the Commerce Department under politically sensitive circumstances. She explicitly warned against "politically connected crypto interests" receiving preferential treatment.
That's a significant escalation. It reframes what could be a straightforward regulatory inquiry into something with a much sharper edge - suggesting that the concern isn't only about Chinese hardware on American soil, but about who in Washington might be running interference for it. Whether or not that allegation gains traction, it guarantees the story won't quietly disappear from the news cycle.
Bitmain's Next Move
What's worth noting is that Bitmain isn't behaving like a company expecting to be shut out of the American market. In fact, it's moving aggressively in the opposite direction.
The company is in the process of opening its first U.S. manufacturing facility - reportedly in Texas or Florida - with production expected to begin in 2026 and scale fully by year-end. The strategic logic is straightforward: a domestically manufactured product is a much harder target for national security restrictions than one shipped directly from China. It's also a hedge against the 25% tariffs currently making imports more expensive.
Simultaneously, Bitmain has opened assembly operations in Malaysia and Vietnam - a supply chain restructuring that mirrors what other Chinese tech manufacturers have been doing for years to keep products flowing into Western markets regardless of what happens to direct Chinese exports.
On the hardware side, the company is not coasting. Its 2026 lineup includes the Antminer S23 Hydro, which reaches an efficiency of 9.5 joules per terahash at 580 TH/s - a meaningful jump that directly targets the profitability squeeze miners are feeling as network difficulty climbs. The Antminer S21 XP is already shipping at scale. The company has also moved into AI server infrastructure, following a broader industry trend where major miners are repositioning themselves as AI data center operators.
None of this is the behavior of a company planning a quiet exit. Bitmain is digging in.
What Comes Next
The regulatory trajectory here is not hard to read. Warren is almost certain to continue pushing her Digital Asset Anti-Money Laundering Act, which targets loopholes that allow state actors - she specifically names North Korea and Iran - to use crypto infrastructure for sanctions evasion. New mandatory reporting requirements on energy usage and emissions, directed at mining operators and filed with the EPA and DOE, are increasingly likely.
The Commerce Department blacklisted Bitmain's AI affiliate, Sophgo Technologies, over alleged ties to Huawei - a move that signals the administration is willing to use existing trade enforcement tools against the Bitmain corporate family, even if direct action against the parent company remains politically complicated.
The core tension is this: the U.S. cannot easily replace Bitmain's hardware, but it also cannot indefinitely tolerate the national security exposure - real or perceived - that comes with Chinese-manufactured, always-on machines embedded across the American energy grid. Something has to give. Whether that's tighter oversight, mandatory hardware audits, accelerated domestic manufacturing incentives, or outright restrictions on Chinese-origin mining equipment, the window for the status quo is closing.
For the crypto industry, the next 12 months will likely define what operating in America actually looks like going forward. The era of regulatory ambiguity - Warren's "wild west" - appears to be ending, one letter to a cabinet secretary at a time.
Meanwhile, China Isn't Waiting
The Bitmain probe is one piece of a much larger picture. While Washington debates how much Chinese hardware is too much, Beijing has been quietly building something far more ambitious than a mining rig.
China's national "Chang'An Chain" initiative - formally known as ChainMaker - recently unveiled a domestically developed 96-core blockchain acceleration chip. The numbers are straightforward: smart contracts process 50 times faster than current standards, digital signature verification runs 20 times quicker, and on raw transaction throughput it matches Visa and Mastercard at peak load.
The more significant detail is what's underneath it. The chip runs on RISC-V - an open architecture that gives China complete domestic control with no foreign licensing dependencies. No external leverage points. It's part of what Beijing describes as its first fully homegrown blockchain software-hardware stack, and it's not a prototype - it's already operational across 16 central government ministries, 27 state-owned enterprises, and over 300,000 cross-border trade companies.
The U.S. is scrutinizing what Chinese hardware is doing inside its borders. China, meanwhile, is building the infrastructure to not need anyone else's.
#mining
🚀 Bitcoin Mining Update
Bitcoin hashrate rebounds above 1 ZH/s despite hashprice sliding 6.65% in 3 days.
Miners are still running machines as block intervals average 9m 23s, faster than the 10-min target.
Next difficulty adjustment: April 2, 2026, estimated +6.43%.
Current miner rewards: ~3.14 $BTC /block, with on-chain fees only 0.43% of total rewards.
💡 Insight: Miners are betting on market conditions improving before economic pressures force shutdowns.
#Mining #Hashrate #Blockchain #CryptoUpdate
Bitcoin hashrate rebounds above 1 ZH/s despite hashprice sliding 6.65% in 3 days.
Miners are still running machines as block intervals average 9m 23s, faster than the 10-min target.
Next difficulty adjustment: April 2, 2026, estimated +6.43%.
Current miner rewards: ~3.14 $BTC /block, with on-chain fees only 0.43% of total rewards.
💡 Insight: Miners are betting on market conditions improving before economic pressures force shutdowns.
#Mining #Hashrate #Blockchain #CryptoUpdate
#Mining
📉 Mining crisis: 20% of the world's fleet operates in the red
The global Bitcoin mining market is going through a serious test. Due to the drop in the price of $BTC in late 2025 and record network difficulty, a significant part of miners found themselves beyond the profitability limit.
🔍 Key figures from the CoinShares report:
• Hashrate in the red: 15-20% of the world's equipment operates at a loss.
• Survival price: Hash price fell to $28-30 per PH/day.
• Cost of production: The average cost of mining 1 BTC for public companies jumped to $79,995.
• Capitulation: At the end of 2025, three consecutive negative difficulty adjustments were recorded - the first since the summer of 2022.
🏗 Who is under attack?
Owners of the "legendary" but already outdated Antminer S19 suffer the most. Without access to ultra-cheap electricity (below $0.05/kWh), these devices have become expensive heaters.
🔄 Lifeline: AI and destocking
To survive, industry giants are choosing two strategies:
1. Diversify: Shift to AI and high-performance computing (HPC).
2. Sell: Core Scientific, Bitdeer, and Riot are actively liquidating their $BTC reserves to maintain liquidity.
Forecast: For the market to recover, the price of Bitcoin must firmly establish itself above $70,000. Otherwise, we will see a second wave of power outages and market consolidation in the hands of those with access to next-generation chips.
📉 Mining crisis: 20% of the world's fleet operates in the red
The global Bitcoin mining market is going through a serious test. Due to the drop in the price of $BTC in late 2025 and record network difficulty, a significant part of miners found themselves beyond the profitability limit.
🔍 Key figures from the CoinShares report:
• Hashrate in the red: 15-20% of the world's equipment operates at a loss.
• Survival price: Hash price fell to $28-30 per PH/day.
• Cost of production: The average cost of mining 1 BTC for public companies jumped to $79,995.
• Capitulation: At the end of 2025, three consecutive negative difficulty adjustments were recorded - the first since the summer of 2022.
🏗 Who is under attack?
Owners of the "legendary" but already outdated Antminer S19 suffer the most. Without access to ultra-cheap electricity (below $0.05/kWh), these devices have become expensive heaters.
🔄 Lifeline: AI and destocking
To survive, industry giants are choosing two strategies:
1. Diversify: Shift to AI and high-performance computing (HPC).
2. Sell: Core Scientific, Bitdeer, and Riot are actively liquidating their $BTC reserves to maintain liquidity.
Forecast: For the market to recover, the price of Bitcoin must firmly establish itself above $70,000. Otherwise, we will see a second wave of power outages and market consolidation in the hands of those with access to next-generation chips.
Large Gold Deposits Discovered in Afghanistan’s Panjshir Region 🪙⛏️
Preliminary surveys suggest significant gold reserves across a wide stretch of the Panjshir province, raising potential for future mining development.
Key Facts: • Gold deposits identified across 30-km area in Paryan district
• Discovery initially reported by local residents
• Government plans regulated, phased extraction
Expert Insight:
If confirmed, large-scale gold reserves could attract international mining interest and support long-term supply growth.
#GOLD #Mining #afghanistan #PreciousMetals #MarketNews2026 $XAUT $XAU $PAXG
Preliminary surveys suggest significant gold reserves across a wide stretch of the Panjshir province, raising potential for future mining development.
Key Facts: • Gold deposits identified across 30-km area in Paryan district
• Discovery initially reported by local residents
• Government plans regulated, phased extraction
Expert Insight:
If confirmed, large-scale gold reserves could attract international mining interest and support long-term supply growth.
#GOLD #Mining #afghanistan #PreciousMetals #MarketNews2026 $XAUT $XAU $PAXG
Bitcoin Miners Are Liquidating BTC for AI: Yet Miner Selling Pressure Just Hit 2024 Lows
Bitcoin miners have collectively sold over 15,000 BTC from their treasuries in recent months, redirected capital into AI data centers, and pushed network hashrate down more than 20% from its October 2025 peak.
Key Takeaways
Miner selling pressure retreats to 2024 lows despite structural pivot.MARA sells 15,133 BTC in three weeks to fund AI buildout.Average production cost reaches $79,995 per BTC mined.Over $70B in AI contracts announced across public mining sector.Bitcoin network hashrate falls from 1,160 to 920 EH/s.
The Miners Position Index 30-day moving average has simultaneously retreated to its lowest level since 2024. The structural liquidation is real. The immediate on-chain selling pressure has cooled to near its lowest point in two years. Both are true at the same time, and understanding why explains more about where Bitcoin's supply pressure actually comes from than the headline numbers suggest.
Why the Economics Forced the Decision
CoinShares' Q1 2026 mining report puts the weighted average cash cost to produce one Bitcoin among publicly listed miners at approximately $79,995 in Q4 2025. Bitcoin has been trading between $67,000 and $70,000. The implied loss per coin mined sits between $10,000 and $14,000 at current prices. That is not a marginal squeeze. It is a structural problem.
Hash price, the metric determining miner revenue per unit of computing power, declined from approximately $63 per petahash per day in July 2025 to a five-year low of $35–37 by November, before collapsing further into Q1 2026. According to James Butterfill, Head of Research at CoinShares, hash price briefly touched $28 per petahash per day in late February before recovering to approximately $30–35 at the time of the report, an all-time post-halving low. At that level, any miner operating below the efficiency of an S19 XP at electricity costs above $0.06 per kilowatt-hour is losing money. CoinShares estimates that represents approximately 15–20% of the global mining fleet.
Traditional mining costs approximately $700,000 to $1 million per megawatt to build. AI-ready facilities require $8 million to $15 million per megawatt, driven by liquid cooling requirements and high-density power systems for current-generation GPU hardware. Ten times the capital requirement, and margins above 85% with multi-year revenue visibility on the other side of it, against losses for most miners at current Bitcoin prices.
MARA converted that gap into the most aggressive strategic pivot in the sector.
MARA's Pivot in Detail
Between March 4 and March 25, MARA sold 15,133 BTC, roughly 28% of its entire treasury, generating approximately $1.1 billion in proceeds. The company used $1 billion of that to repurchase its own convertible debt at a 9% discount to par, saving $88.1 million in future obligations and cutting total convertible debt from $3.3 billion to $2.3 billion in a single move.
MARA CEO Fred Thiel confirmed the company will continue selling Bitcoin assets from time to time to fund its expansion into digital energy and AI infrastructure. The company retains 38,689 BTC after the March sales.
The same calculation has been running at every other major public miner simultaneously.
The Broader Liquidation Across the Sector
Core Scientific sold approximately 1,900 BTC in January 2026 for $175 million, and has announced plans to monetise substantially all of its remaining holdings throughout 2026 to fund its AI colocation strategy. AI revenue already accounts for 39% of Core Scientific's total revenue. Bitdeer reduced its Bitcoin treasury to zero entirely. No partial reduction, zero.
Riot Platforms sold 1,818 BTC in December 2025 for $161.6 million, then separately liquidated 1,080 BTC to fund a 200-acre land acquisition for AI-ready campus development. Cipher Digital divested a 49% stake in mining joint ventures for $40 million and reduced its treasury from 2,284 BTC to 1,500 BTC as it redirects capital toward high-performance computing.
Collectively, publicly listed miners have reduced their BTC treasuries by over 15,000 BTC from peak levels, according to CoinShares. Miners with secured HPC contracts now trade at 12.3 times next-twelve-month sales against 5.9 times for pure-play Bitcoin miners, the valuation gap that makes every additional AI contract self-reinforcing.
That capital reallocation has a direct consequence for the network securing Bitcoin.
What This Means for the Network
Every dollar moving toward AI data centers is a dollar moving away from hashrate. Bitcoin's network hashrate peaked at approximately 1,160 exahashes per second in early October 2025 and has since declined to roughly 920 EH/s, a drop of more than 20%, registering three consecutive negative difficulty adjustments, the first such streak since July 2022.
CoinShares forecasts the network hashrate reaching 1.8 zetahashes by end of 2026 and 2 zetahashes by end of March 2027, contingent on Bitcoin recovering to $100,000 by year-end. If prices remain below $80,000, hash price continues falling and more miners exit. A sustained move below $70,000 could trigger larger capitulation that paradoxically benefits survivors through lower difficulty.
The structural selling trend is clear and accelerating. What the on-chain data shows about immediate selling pressure tells a different story.
What the MPI Data Says About Today
The Miners Position Index measures the ratio of total miner outflow to its one-year moving average. An elevated reading signals miners sending more coins to exchanges than their historical average, overhead selling pressure in the near term. A suppressed reading means miners are moving fewer coins than usual, reducing immediate supply pressure on price.
According to CryptoQuant data, the MPI 30-day moving average has recently retreated to levels comparable to the 2024 lows. Despite the scale of the structural liquidations documented above, miners are currently moving fewer coins to exchanges than at almost any point in the past two years.
The resolution is in the timing. The large treasury liquidations, MARA's 15,133 BTC, Core Scientific's ongoing sales, Bitdeer's complete dump, were strategic one-time moves that have already cleared through the market. What remains is the day-to-day operational outflow from active mining, and that flow has cooled significantly. The miners who were going to sell have largely sold. Immediate overhead supply from the sector has diminished as a result.
The structural pivot continues. Hashrate is still declining. AI contracts are still being signed. The long-term selling pressure from miners converting treasuries into AI capital remains a defining feature of this cycle. The MPI at 2024 lows measures something narrower and more immediate, the coins moving to exchanges right now, and by that measure, the mining sector is generating less selling pressure on Bitcoin's price than it has in two years.
The One Variable That Decides the Outcome
The Bitcoin mining industry entered this cycle as a group of companies that secured the network and accumulated Bitcoin. It is exiting as a group that builds AI data centers and uses Bitcoin as the capital that funds them.
Bitdeer's treasury is at zero. Core Scientific is selling substantially all remaining holdings. MARA sold 28% of its stack in three weeks. The structural direction is not ambiguous.
What the MPI data adds to that picture is a specific near-term nuance. The miners who were going to sell have largely sold. Day-to-day operational outflow has cooled to 2024 lows. The immediate overhead supply pressure from the mining sector on Bitcoin's price is near its lowest point in two years, not because the pivot has slowed, but because the largest one-time liquidations have already cleared through the market.
Two things are true simultaneously. The structural selling is real, ongoing, and tied to economics that have not changed at $67,000. The near-term selling pressure from miners is at a two-year low. CoinShares' $100,000 year-end forecast would reverse the economics that made this pivot rational in the first place, and would likely slow both trends at once.
The coins that were going to move already have. Whether new ones follow depends on one number.
#Mining
Key Takeaways
Miner selling pressure retreats to 2024 lows despite structural pivot.MARA sells 15,133 BTC in three weeks to fund AI buildout.Average production cost reaches $79,995 per BTC mined.Over $70B in AI contracts announced across public mining sector.Bitcoin network hashrate falls from 1,160 to 920 EH/s.
The Miners Position Index 30-day moving average has simultaneously retreated to its lowest level since 2024. The structural liquidation is real. The immediate on-chain selling pressure has cooled to near its lowest point in two years. Both are true at the same time, and understanding why explains more about where Bitcoin's supply pressure actually comes from than the headline numbers suggest.
Why the Economics Forced the Decision
CoinShares' Q1 2026 mining report puts the weighted average cash cost to produce one Bitcoin among publicly listed miners at approximately $79,995 in Q4 2025. Bitcoin has been trading between $67,000 and $70,000. The implied loss per coin mined sits between $10,000 and $14,000 at current prices. That is not a marginal squeeze. It is a structural problem.
Hash price, the metric determining miner revenue per unit of computing power, declined from approximately $63 per petahash per day in July 2025 to a five-year low of $35–37 by November, before collapsing further into Q1 2026. According to James Butterfill, Head of Research at CoinShares, hash price briefly touched $28 per petahash per day in late February before recovering to approximately $30–35 at the time of the report, an all-time post-halving low. At that level, any miner operating below the efficiency of an S19 XP at electricity costs above $0.06 per kilowatt-hour is losing money. CoinShares estimates that represents approximately 15–20% of the global mining fleet.
Traditional mining costs approximately $700,000 to $1 million per megawatt to build. AI-ready facilities require $8 million to $15 million per megawatt, driven by liquid cooling requirements and high-density power systems for current-generation GPU hardware. Ten times the capital requirement, and margins above 85% with multi-year revenue visibility on the other side of it, against losses for most miners at current Bitcoin prices.
MARA converted that gap into the most aggressive strategic pivot in the sector.
MARA's Pivot in Detail
Between March 4 and March 25, MARA sold 15,133 BTC, roughly 28% of its entire treasury, generating approximately $1.1 billion in proceeds. The company used $1 billion of that to repurchase its own convertible debt at a 9% discount to par, saving $88.1 million in future obligations and cutting total convertible debt from $3.3 billion to $2.3 billion in a single move.
MARA CEO Fred Thiel confirmed the company will continue selling Bitcoin assets from time to time to fund its expansion into digital energy and AI infrastructure. The company retains 38,689 BTC after the March sales.
The same calculation has been running at every other major public miner simultaneously.
The Broader Liquidation Across the Sector
Core Scientific sold approximately 1,900 BTC in January 2026 for $175 million, and has announced plans to monetise substantially all of its remaining holdings throughout 2026 to fund its AI colocation strategy. AI revenue already accounts for 39% of Core Scientific's total revenue. Bitdeer reduced its Bitcoin treasury to zero entirely. No partial reduction, zero.
Riot Platforms sold 1,818 BTC in December 2025 for $161.6 million, then separately liquidated 1,080 BTC to fund a 200-acre land acquisition for AI-ready campus development. Cipher Digital divested a 49% stake in mining joint ventures for $40 million and reduced its treasury from 2,284 BTC to 1,500 BTC as it redirects capital toward high-performance computing.
Collectively, publicly listed miners have reduced their BTC treasuries by over 15,000 BTC from peak levels, according to CoinShares. Miners with secured HPC contracts now trade at 12.3 times next-twelve-month sales against 5.9 times for pure-play Bitcoin miners, the valuation gap that makes every additional AI contract self-reinforcing.
That capital reallocation has a direct consequence for the network securing Bitcoin.
What This Means for the Network
Every dollar moving toward AI data centers is a dollar moving away from hashrate. Bitcoin's network hashrate peaked at approximately 1,160 exahashes per second in early October 2025 and has since declined to roughly 920 EH/s, a drop of more than 20%, registering three consecutive negative difficulty adjustments, the first such streak since July 2022.
CoinShares forecasts the network hashrate reaching 1.8 zetahashes by end of 2026 and 2 zetahashes by end of March 2027, contingent on Bitcoin recovering to $100,000 by year-end. If prices remain below $80,000, hash price continues falling and more miners exit. A sustained move below $70,000 could trigger larger capitulation that paradoxically benefits survivors through lower difficulty.
The structural selling trend is clear and accelerating. What the on-chain data shows about immediate selling pressure tells a different story.
What the MPI Data Says About Today
The Miners Position Index measures the ratio of total miner outflow to its one-year moving average. An elevated reading signals miners sending more coins to exchanges than their historical average, overhead selling pressure in the near term. A suppressed reading means miners are moving fewer coins than usual, reducing immediate supply pressure on price.
According to CryptoQuant data, the MPI 30-day moving average has recently retreated to levels comparable to the 2024 lows. Despite the scale of the structural liquidations documented above, miners are currently moving fewer coins to exchanges than at almost any point in the past two years.
The resolution is in the timing. The large treasury liquidations, MARA's 15,133 BTC, Core Scientific's ongoing sales, Bitdeer's complete dump, were strategic one-time moves that have already cleared through the market. What remains is the day-to-day operational outflow from active mining, and that flow has cooled significantly. The miners who were going to sell have largely sold. Immediate overhead supply from the sector has diminished as a result.
The structural pivot continues. Hashrate is still declining. AI contracts are still being signed. The long-term selling pressure from miners converting treasuries into AI capital remains a defining feature of this cycle. The MPI at 2024 lows measures something narrower and more immediate, the coins moving to exchanges right now, and by that measure, the mining sector is generating less selling pressure on Bitcoin's price than it has in two years.
The One Variable That Decides the Outcome
The Bitcoin mining industry entered this cycle as a group of companies that secured the network and accumulated Bitcoin. It is exiting as a group that builds AI data centers and uses Bitcoin as the capital that funds them.
Bitdeer's treasury is at zero. Core Scientific is selling substantially all remaining holdings. MARA sold 28% of its stack in three weeks. The structural direction is not ambiguous.
What the MPI data adds to that picture is a specific near-term nuance. The miners who were going to sell have largely sold. Day-to-day operational outflow has cooled to 2024 lows. The immediate overhead supply pressure from the mining sector on Bitcoin's price is near its lowest point in two years, not because the pivot has slowed, but because the largest one-time liquidations have already cleared through the market.
Two things are true simultaneously. The structural selling is real, ongoing, and tied to economics that have not changed at $67,000. The near-term selling pressure from miners is at a two-year low. CoinShares' $100,000 year-end forecast would reverse the economics that made this pivot rational in the first place, and would likely slow both trends at once.
The coins that were going to move already have. Whether new ones follow depends on one number.
#Mining
Remember Monero?
51%+ of the network hashrate. $3.5M+ in revenue. The crypto world watched it happen in real time.
That was the proof of concept. April 1st is the real thing.
Before it goes live, we're doing one last preview.
This Monday, March 30 at 11AM EDT | 3PM UTC
"Why DOGE? Why Now? Why $Qubic?"
Joetom (Core Tech Lead) and Raika (DOGE Lead Dev) walk through everything live. The architecture, what changes for miners, the three transition phases from $XMR to $DOGE , and what to expect on launch day.
No script. No spin. Just the team walking through the build.
Set your reminder: https://luma.com/sxh9y5ic
#Qubic #Mining #DOGE #AI #AGI
51%+ of the network hashrate. $3.5M+ in revenue. The crypto world watched it happen in real time.
That was the proof of concept. April 1st is the real thing.
Before it goes live, we're doing one last preview.
This Monday, March 30 at 11AM EDT | 3PM UTC
"Why DOGE? Why Now? Why $Qubic?"
Joetom (Core Tech Lead) and Raika (DOGE Lead Dev) walk through everything live. The architecture, what changes for miners, the three transition phases from $XMR to $DOGE , and what to expect on launch day.
No script. No spin. Just the team walking through the build.
Set your reminder: https://luma.com/sxh9y5ic
#Qubic #Mining #DOGE #AI #AGI
Remember Monero?
51%+ of the network hashrate. $3.5M+ in revenue. The crypto world watched it happen in real time.
That was the proof of concept. April 1st is the real thing.
Before it goes live, we're doing one last preview.
This Monday, March 30 at 11AM EDT | 3PM UTC
"Why DOGE? Why Now? Why $Qubic?"
Joetom (Core Tech Lead) and Raika (DOGE Lead Dev) walk through everything live. The architecture, what changes for miners, the three transition phases from $XMR to $DOGE , and what to expect on launch day.
No script. No spin. Just the team walking through the build.
Set your reminder: https://luma.com/sxh9y5ic
#Qubic #Mining #DOGE #AI #AGI
@Binance BiBi
51%+ of the network hashrate. $3.5M+ in revenue. The crypto world watched it happen in real time.
That was the proof of concept. April 1st is the real thing.
Before it goes live, we're doing one last preview.
This Monday, March 30 at 11AM EDT | 3PM UTC
"Why DOGE? Why Now? Why $Qubic?"
Joetom (Core Tech Lead) and Raika (DOGE Lead Dev) walk through everything live. The architecture, what changes for miners, the three transition phases from $XMR to $DOGE , and what to expect on launch day.
No script. No spin. Just the team walking through the build.
Set your reminder: https://luma.com/sxh9y5ic
#Qubic #Mining #DOGE #AI #AGI
@Binance BiBi
BITCOIN $BTC UNDER FEDS' SPOTLIGHT ⚠️
Sen. Elizabeth Warren has demanded Commerce Department records tied to Bitmain, as federal scrutiny intensifies over potential national-security risk from Bitcoin mining hardware. The review lands after American Bitcoin’s $314 million Bitmain purchase, raising fresh institutional questions around supply-chain exposure, compliance risk, and whether mining infrastructure could become a policy-driven trade.
Watch the mining complex for immediate sentiment shocks. Stay on the bid only if liquidity holds. Track any escalation in U.S. scrutiny, because suppliers, miners, and related treasury plays can reprice fast when risk headlines hit. Move before the crowd, not after it.
I think this matters now because BTC is increasingly trading like a global infrastructure asset, not just a token. If policy pressure builds around mining hardware, the market may front-run stress in miner sentiment long before spot BTC shows it.
Not financial advice. Manage your risk.
#Bitcoin #BTC #Crypto #Mining #Web3
⚡
Sen. Elizabeth Warren has demanded Commerce Department records tied to Bitmain, as federal scrutiny intensifies over potential national-security risk from Bitcoin mining hardware. The review lands after American Bitcoin’s $314 million Bitmain purchase, raising fresh institutional questions around supply-chain exposure, compliance risk, and whether mining infrastructure could become a policy-driven trade.
Watch the mining complex for immediate sentiment shocks. Stay on the bid only if liquidity holds. Track any escalation in U.S. scrutiny, because suppliers, miners, and related treasury plays can reprice fast when risk headlines hit. Move before the crowd, not after it.
I think this matters now because BTC is increasingly trading like a global infrastructure asset, not just a token. If policy pressure builds around mining hardware, the market may front-run stress in miner sentiment long before spot BTC shows it.
Not financial advice. Manage your risk.
#Bitcoin #BTC #Crypto #Mining #Web3
⚡
🚨 MINER SHAKE-UP INCOMING 🚨
⚡ Post-halving pressure is hitting hard — 15–20% of #Bitcoin miners are now underwater as hash price crashes to $28 PH/s/day.
🔥 Weak hands getting flushed. Strong players loading up.
💥 This isn’t just pain… it’s a power reset for mining dominance.
👀 Who survives this storm?
#Bitcoin #Crypto #Mining #Halving2026
⚡ Post-halving pressure is hitting hard — 15–20% of #Bitcoin miners are now underwater as hash price crashes to $28 PH/s/day.
🔥 Weak hands getting flushed. Strong players loading up.
💥 This isn’t just pain… it’s a power reset for mining dominance.
👀 Who survives this storm?
#Bitcoin #Crypto #Mining #Halving2026
The math isn’t mathing anymore.
Public miners just dropped an average of $79,995 to mine a single Bitcoin. Meanwhile, BTC is sitting at $70,000.
Do the math with me: that’s a $19,000 LOSS per coin. 😳
So, what are the big guys doing? They aren't HODLing. They are panicking.
To survive, they are selling their precious BTC treasuries and pivoting to AI. We’re talking $70 BILLION in AI contracts.
Basically, they are turning into data centers that mine Bitcoin on the side. If the big players are dumping $BTC just to pay the electric bill, what does that say about the state of the cycle?
Are we heading toward a mining extinction event, or is this just the shakeout before the next leg up?
#bitcoin #Mining #BTC
Public miners just dropped an average of $79,995 to mine a single Bitcoin. Meanwhile, BTC is sitting at $70,000.
Do the math with me: that’s a $19,000 LOSS per coin. 😳
So, what are the big guys doing? They aren't HODLing. They are panicking.
To survive, they are selling their precious BTC treasuries and pivoting to AI. We’re talking $70 BILLION in AI contracts.
Basically, they are turning into data centers that mine Bitcoin on the side. If the big players are dumping $BTC just to pay the electric bill, what does that say about the state of the cycle?
Are we heading toward a mining extinction event, or is this just the shakeout before the next leg up?
#bitcoin #Mining #BTC
BITMAIN PROBE THREATENS $BTC MINING SPINE ⚡
Washington is turning mining hardware into a national-security headline, and that matters for Bitcoin’s infrastructure narrative. If this escalates into real scrutiny, institutional attention will shift toward supply-chain risk, decentralization, and hash-rate stability across the network.
Watch the market’s reaction, not the noise. If regulators keep pressing, expect miners, infrastructure names, and BTC proxy flows to price in policy risk fast. Let the uncertainty build, then trade the liquidity when the crowd starts hedging.
I think this matters because Bitmain is not a side story — it sits near the core of Bitcoin’s mining stack. When policy starts circling the hardware layer, smart money notices before the broader market does.
Not financial advice. Manage your risk.
#Bitcoin #BTC #Crypto #Mining #Regulation
⚡
Washington is turning mining hardware into a national-security headline, and that matters for Bitcoin’s infrastructure narrative. If this escalates into real scrutiny, institutional attention will shift toward supply-chain risk, decentralization, and hash-rate stability across the network.
Watch the market’s reaction, not the noise. If regulators keep pressing, expect miners, infrastructure names, and BTC proxy flows to price in policy risk fast. Let the uncertainty build, then trade the liquidity when the crowd starts hedging.
I think this matters because Bitmain is not a side story — it sits near the core of Bitcoin’s mining stack. When policy starts circling the hardware layer, smart money notices before the broader market does.
Not financial advice. Manage your risk.
#Bitcoin #BTC #Crypto #Mining #Regulation
⚡
FEDERAL PROBE ON BITMAIN? $BTC UNDER REGULATORY FIRE ⚠️
Warren is pushing for a federal probe into Bitmain over alleged security vulnerabilities and ties to Trump-family interests. If that pressure turns into action, the real market impact is supply-chain scrutiny, miner hardware uncertainty, and a fresh overhang on Bitcoin’s infrastructure narrative.
Watch how fast this gets amplified. If institutions smell real regulatory follow-through, they’ll de-risk mining-linked exposure first and ask questions later. Bitcoin’s price may not break on headlines alone, but the infrastructure trade can get repriced hard.
This matters because institutions hate uncertainty in foundational plumbing. Even if the probe never becomes policy, the headline alone can keep miner-related liquidity defensive and make BTC infrastructure trades easier to squeeze.
Not financial advice. Manage your risk.
#Bitcoin #BTC #Crypto #Mining #Regulation
⚡
Warren is pushing for a federal probe into Bitmain over alleged security vulnerabilities and ties to Trump-family interests. If that pressure turns into action, the real market impact is supply-chain scrutiny, miner hardware uncertainty, and a fresh overhang on Bitcoin’s infrastructure narrative.
Watch how fast this gets amplified. If institutions smell real regulatory follow-through, they’ll de-risk mining-linked exposure first and ask questions later. Bitcoin’s price may not break on headlines alone, but the infrastructure trade can get repriced hard.
This matters because institutions hate uncertainty in foundational plumbing. Even if the probe never becomes policy, the headline alone can keep miner-related liquidity defensive and make BTC infrastructure trades easier to squeeze.
Not financial advice. Manage your risk.
#Bitcoin #BTC #Crypto #Mining #Regulation
⚡
$BTC MINERS ARE DUMPING RESERVES TO FUND AI TRANSFORMATIONS ⚡
Bitcoin mining economics are under pressure as average costs for listed miners climb to about $80,000 per coin while BTC trades near $70,000, forcing a major shift into AI and HPC infrastructure. More than $70 billion in contracts and over 15,000 BTC sold by miners signal a real capital rotation, while hash rate has eased from roughly 1,160 EH/s to 920 EH/s.
This is the kind of setup I watch closely because it shows where institutional capital is fleeing and where it wants exposure next. I think the AI-transition miners will keep rerating while BTC remains the pressure valve for balance sheets and liquidity.
Not financial advice. Manage your risk.
#Bitcoin #BTC #CryptoNews #Mining #Aİ
⚡
Bitcoin mining economics are under pressure as average costs for listed miners climb to about $80,000 per coin while BTC trades near $70,000, forcing a major shift into AI and HPC infrastructure. More than $70 billion in contracts and over 15,000 BTC sold by miners signal a real capital rotation, while hash rate has eased from roughly 1,160 EH/s to 920 EH/s.
This is the kind of setup I watch closely because it shows where institutional capital is fleeing and where it wants exposure next. I think the AI-transition miners will keep rerating while BTC remains the pressure valve for balance sheets and liquidity.
Not financial advice. Manage your risk.
#Bitcoin #BTC #CryptoNews #Mining #Aİ
⚡
SELFISH-MINING FUD EXPOSED ON $BTC ⚡
A Bitcoin researcher says the rare two-block reorg at height 941880 was standard network behavior, not a coordinated selfish-mining attack. The split was likely driven by latency and Bitcoin Core command usage during a low-fee window, with Foundry’s seven-block run generating only 0.025 BTC in fees and no evidence of secret-chain withholding.
Watch the hash-power narrative, not the panic. Let liquidity overreact to reorg headlines, then see whether miners keep triggering orphan risk in thin-fee conditions. If this stays a latency story, the whale play is to fade the fear and stay focused on confirmation speed, not rumor.
I think this matters because markets love to turn harmless infrastructure noise into a centralization scare. Once the selfish-mining theory is off the table, BTC’s story snaps back to actual network function, and that usually cools emotional selling fast.
Not financial advice. Manage your risk.
#Bitcoin #BTC #CryptoNews #OnChain #Mining
⚡
A Bitcoin researcher says the rare two-block reorg at height 941880 was standard network behavior, not a coordinated selfish-mining attack. The split was likely driven by latency and Bitcoin Core command usage during a low-fee window, with Foundry’s seven-block run generating only 0.025 BTC in fees and no evidence of secret-chain withholding.
Watch the hash-power narrative, not the panic. Let liquidity overreact to reorg headlines, then see whether miners keep triggering orphan risk in thin-fee conditions. If this stays a latency story, the whale play is to fade the fear and stay focused on confirmation speed, not rumor.
I think this matters because markets love to turn harmless infrastructure noise into a centralization scare. Once the selfish-mining theory is off the table, BTC’s story snaps back to actual network function, and that usually cools emotional selling fast.
Not financial advice. Manage your risk.
#Bitcoin #BTC #CryptoNews #OnChain #Mining
⚡
#MARA just sold 15,133 BTC (~$1.1B) to repay debt — bearish or smart risk management?
Key facts (quick):
Seller: MARA (a major public Bitcoin miner)
Amount: 15,133 $BTC
Value: about $1.1B
Goal: debt repayment / balance-sheet strengthening
what does this mean? Bitcoin miners earn BTC from mining. Sometimes they hold (HODL), and sometimes they sell to cover costs or improve finances.
A sale this big can feel scary, but it’s not always “bad news”—if a company reduces debt, it may lower the chance of forced selling later.
Market insight
Short-term: A large spot sale can add sell-side supply, impact liquidity, and increase volatility—especially around key levels.
Medium-term: If debt pressure drops, it can reduce future “overhang” risk (less need to dump BTC into the market).
What to watch: BTC reaction near major support/resistance, funding/OI shifts, and whether other miners follow with additional treasury sales.
Your take: Is this (A) bearish distribution, (B) bullish de-risking, or (C) mostly noise because the market can absorb it?
#BTC #CryptoNews🚀🔥
#Bitcoin #Mining
Key facts (quick):
Seller: MARA (a major public Bitcoin miner)
Amount: 15,133 $BTC
Value: about $1.1B
Goal: debt repayment / balance-sheet strengthening
what does this mean? Bitcoin miners earn BTC from mining. Sometimes they hold (HODL), and sometimes they sell to cover costs or improve finances.
A sale this big can feel scary, but it’s not always “bad news”—if a company reduces debt, it may lower the chance of forced selling later.
Market insight
Short-term: A large spot sale can add sell-side supply, impact liquidity, and increase volatility—especially around key levels.
Medium-term: If debt pressure drops, it can reduce future “overhang” risk (less need to dump BTC into the market).
What to watch: BTC reaction near major support/resistance, funding/OI shifts, and whether other miners follow with additional treasury sales.
Your take: Is this (A) bearish distribution, (B) bullish de-risking, or (C) mostly noise because the market can absorb it?
#BTC #CryptoNews🚀🔥
#Bitcoin #Mining
Bullish (de-risking)
50%
Bearish (distribution)
50%
10 votes • Voting closed
Changing priorities: Where the resources from the Bitcoin network are going
Many are waiting for the rocket to $100K, but the market seems to be stuck at $67,000 for some reason. The answer lies not in the charts, but in the miners' hangars.
In March 2026, the situation changed. Mining difficulty dropped by 7.76% — this is a clear signal that major players began shutting down their equipment.
What is actually happening:
Economics: Currently, mining 1 BTC costs companies almost $80,000. At the current price, this is simply unprofitable.
Focus on AI: Giants like Bitdeer have found a more profitable business — they are renting out their capacities for servicing neural networks (AI).
Liquidity: To purchase new Nvidia chips, miners are using their reserves. Bitdeer officially has 0 BTC on its balance.
This transition of capacities from crypto to the AI sphere creates “quiet” pressure on the price. Miners simply found a more lucrative niche.
What do you think, will AI become Bitcoin's main competitor for resources this year? 👇
#Bitcoin #AI #Mining
Many are waiting for the rocket to $100K, but the market seems to be stuck at $67,000 for some reason. The answer lies not in the charts, but in the miners' hangars.
In March 2026, the situation changed. Mining difficulty dropped by 7.76% — this is a clear signal that major players began shutting down their equipment.
What is actually happening:
Economics: Currently, mining 1 BTC costs companies almost $80,000. At the current price, this is simply unprofitable.
Focus on AI: Giants like Bitdeer have found a more profitable business — they are renting out their capacities for servicing neural networks (AI).
Liquidity: To purchase new Nvidia chips, miners are using their reserves. Bitdeer officially has 0 BTC on its balance.
This transition of capacities from crypto to the AI sphere creates “quiet” pressure on the price. Miners simply found a more lucrative niche.
What do you think, will AI become Bitcoin's main competitor for resources this year? 👇
#Bitcoin #AI #Mining
CryptoPetroX:
Это не экзистенциальная угроза для $BTC , а здоровый рыночный процесс:Тихое давление через продажи $BTC и замедление роста hashrate. Но рынок уже частично отыграл это (difficulty падает, помогает выжившим).
$BTC MINERS ARE CAPITULATING RIGHT NOW ⚡
Hashprice has collapsed to $28–$30 per PH/day, pushing 15%–20% of global mining capacity underwater as public miners dump treasury BTC to survive. Three straight difficulty cuts confirm broad capitulation, while the sector accelerates a pivot into AI/HPC contracts that are now eclipsing mining economics.
Watch the forced-seller flow. Track difficulty resets, treasury liquidations, and which miners are monetizing data-center capacity instead of stacking coins. Fade pure mining exposure and favor names with real AI/HPC revenue and balance-sheet breathing room.
Not financial advice. Manage your risk.
#Bitcoin #BTC #Crypto #Mining #Aİ
⚡
Hashprice has collapsed to $28–$30 per PH/day, pushing 15%–20% of global mining capacity underwater as public miners dump treasury BTC to survive. Three straight difficulty cuts confirm broad capitulation, while the sector accelerates a pivot into AI/HPC contracts that are now eclipsing mining economics.
Watch the forced-seller flow. Track difficulty resets, treasury liquidations, and which miners are monetizing data-center capacity instead of stacking coins. Fade pure mining exposure and favor names with real AI/HPC revenue and balance-sheet breathing room.
Not financial advice. Manage your risk.
#Bitcoin #BTC #Crypto #Mining #Aİ
⚡
MARA LIQUIDATES 15,133 BTC?! $MARA ⚠️
MARA Holdings sold 15,133 BTC to repurchase $957 million of zero-coupon convertible notes, cutting financing risk while keeping 38,689 BTC on the books. This is a balance-sheet reset, not a full exit from Bitcoin exposure; watch for how capital allocation shifts after this de-leveraging move.
Not financial advice. Manage your risk.
#Bitcoin #MARA #BTC走势分析 #Crypto #Mining
⚡
MARA Holdings sold 15,133 BTC to repurchase $957 million of zero-coupon convertible notes, cutting financing risk while keeping 38,689 BTC on the books. This is a balance-sheet reset, not a full exit from Bitcoin exposure; watch for how capital allocation shifts after this de-leveraging move.
Not financial advice. Manage your risk.
#Bitcoin #MARA #BTC走势分析 #Crypto #Mining
⚡
Mining Giant MARA Dumps $1.1 Billion in Bitcoin to Pay Down Debt and Bet on AI
MARA Holdings, the Bitcoin mining giant formerly known as Marathon Digital, just made its most consequential move in years: selling over 15,000 BTC in three weeks to clean up its balance sheet and accelerate a pivot into artificial intelligence infrastructure.
Key Takeaways
MARA Holdings sold 15,133 BTC for ~$1.1B to repurchase $1B in convertible debtThe company abandoned its HODL-only policy and is pivoting hard into AI infrastructureA 1 GW partnership with Starwood Digital puts MARA on a different path than MicroStrategyAcross the sector, Bitcoin miners are selling production and raising debt to fund AI pivots
According to a recent SEC filling, Between March 4 and March 25, 2026, the company offloaded 15,133 Bitcoin, pulling in roughly $1.1 billion in proceeds. The money went straight toward repurchasing $1 billion of its own 0% convertible senior notes - debt due in 2030 and 2031. Buying the notes back at a discount saves the company an estimated $88.1 million in cash and cuts its outstanding convertible debt by 30%.
The sale didn't happen in a vacuum. In early March, MARA revised its treasury policy to explicitly allow Bitcoin sales - a break from the HODL-first posture it had maintained on mined assets. That shift came on the heels of a brutal Q4 2025: a $1.7 billion net loss, driven largely by a $1.5 billion fair-value hit on its digital asset holdings.
Even after unloading that volume, MARA still holds over 38,689 BTC as of Q1 2026, keeping it among the largest public Bitcoin holders in the world. Wall Street's read is mixed - Clear Street cut its price target to $9, while the broader analyst consensus sits somewhere around a "Hold" or "Moderate Buy" with a median target in the $18.50–$20 range. Shares dropped 8.4% in early March following the strategy announcement, though the stock has since shown some divergence from Bitcoin's price movement - likely due to the AI infrastructure story gaining traction with certain investors.
The Starwood Deal And a Pivot to AI Infrastructure
The clearest signal of where MARA is headed is its joint venture with Starwood Capital Group through its platform Starwood Digital Ventures. The deal is structured around converting MARA's power-heavy mining sites into high-performance computing hubs capable of handling AI workloads.
Near-term targets call for 1 gigawatt of IT capacity, with a longer roadmap pointing past 2.5 GW. The sites will be built to toggle between Bitcoin mining and AI compute depending on which is more economical at any given time. MARA brings the power infrastructure and interconnection positions to the table; Starwood handles investment, design, construction, and tenant sourcing. MARA has the option to retain up to 50% ownership in the joint venture, giving it a potential stream of non-mining cash flow going forward.
The company's 64% stake in Exaion adds another layer to the play, positioning MARA to offer infrastructure-as-a-service and edge inference products to industrial clients.
The Rest of the Sector Is Moving the Same Direction
MARA isn't alone in this new venture outside of the crypto mining space. The shift from Bitcoin accumulation to AI infrastructure is visible across the mining industry.
Core Scientific sold its entire Bitcoin treasury - 2,537 BTC - in March 2026, then secured a $500 million loan from Morgan Stanley to fund AI data center construction. The company has moved aggressively toward hosting for CoreWeave, and analysts expect roughly 71% of its revenue to come from HPC and AI by end of year.
IREN, formerly Iris Energy, has essentially exited the Bitcoin reserve business and announced plans to raise $3.6 billion for AI expansion, targeting $3.4 billion in annualized revenue by 2026. It has deployed over 23,000 NVIDIA GPUs and secured an AI contract with Microsoft.
HIVE Digital Technologies is running a so-called "twin-engine" model - scaling HPC alongside mining - and recentlysigned $30 million in AI cloud contracts while expanding its renewable energy footprint across Paraguay, Canada, and Sweden.
TeraWulf has gone furthest in signaling an exit from mining. The company has signed over $12.8 billion in long-term AI customer contracts, and some analysts now expect it to shut down Bitcoin mining operations entirely by the end of 2026 to focus its 2.8 GW power capacity on AI demand.
CleanSpark sold 97% of its February Bitcoin production to fund an AI pivot and a Texas data center project. Riot Platforms posted a $663 million net loss in 2025 and is now under pressure from activist investor Starboard Value to accelerate $1.6 billion in AI data center investment. Bitfarms rebranded its infrastructure division as Keel Infrastructure and has laid out a full transition to AI and HPC by 2027.
Why Miners Are Struggling
The pivot makes more sense when you look at the economics. Mining costs for some operators have risen to an estimated $87,000 per Bitcoin. At the time of writing BTC is trading around $69,000 - significantly lower than the mining costs - meaning every block mined at current spot prices is a net loss. The post-halving environment has compressed margins, and the so-called "hashprice" - the daily revenue per unit of mining power - has fallen to levels that make pure-play mining increasingly hard to justify at scale.
The result is a structural shift: for the first time, production and accumulation have fully decoupled. Miners are now sellers of their own product to stay liquid, while firms like MicroStrategy absorb supply on the other side. That dynamic, combined with the capital intensity of AI infrastructure - GPU clusters, specialized cooling systems, Tier 3 data center standards - is also accelerating consolidation. CoreWeave's initial $9 billion bid for Core Scientific is an early example of what that M&A activity could look like.
What's Next
For MARA, the near-term question is execution. Deleveraging the balance sheet is straightforward enough; turning mining sites into competitive AI data centers - and finding enterprise tenants willing to commit - is harder. The Starwood partnership provides capital and expertise, but the AI infrastructure buildout timeline is long, and revenue from those operations won't arrive overnight.
The company still holds over 48,000 Bitcoin, so its fortunes remain tied to crypto markets in the interim. But the direction is clear: MARA is no longer betting exclusively on Bitcoin. Whether the AI bet pays off depends on how quickly it can fill that 1 GW pipeline and whether the broader enterprise demand for compute holds up long enough to matter.
#Mining
Key Takeaways
MARA Holdings sold 15,133 BTC for ~$1.1B to repurchase $1B in convertible debtThe company abandoned its HODL-only policy and is pivoting hard into AI infrastructureA 1 GW partnership with Starwood Digital puts MARA on a different path than MicroStrategyAcross the sector, Bitcoin miners are selling production and raising debt to fund AI pivots
According to a recent SEC filling, Between March 4 and March 25, 2026, the company offloaded 15,133 Bitcoin, pulling in roughly $1.1 billion in proceeds. The money went straight toward repurchasing $1 billion of its own 0% convertible senior notes - debt due in 2030 and 2031. Buying the notes back at a discount saves the company an estimated $88.1 million in cash and cuts its outstanding convertible debt by 30%.
The sale didn't happen in a vacuum. In early March, MARA revised its treasury policy to explicitly allow Bitcoin sales - a break from the HODL-first posture it had maintained on mined assets. That shift came on the heels of a brutal Q4 2025: a $1.7 billion net loss, driven largely by a $1.5 billion fair-value hit on its digital asset holdings.
Even after unloading that volume, MARA still holds over 38,689 BTC as of Q1 2026, keeping it among the largest public Bitcoin holders in the world. Wall Street's read is mixed - Clear Street cut its price target to $9, while the broader analyst consensus sits somewhere around a "Hold" or "Moderate Buy" with a median target in the $18.50–$20 range. Shares dropped 8.4% in early March following the strategy announcement, though the stock has since shown some divergence from Bitcoin's price movement - likely due to the AI infrastructure story gaining traction with certain investors.
The Starwood Deal And a Pivot to AI Infrastructure
The clearest signal of where MARA is headed is its joint venture with Starwood Capital Group through its platform Starwood Digital Ventures. The deal is structured around converting MARA's power-heavy mining sites into high-performance computing hubs capable of handling AI workloads.
Near-term targets call for 1 gigawatt of IT capacity, with a longer roadmap pointing past 2.5 GW. The sites will be built to toggle between Bitcoin mining and AI compute depending on which is more economical at any given time. MARA brings the power infrastructure and interconnection positions to the table; Starwood handles investment, design, construction, and tenant sourcing. MARA has the option to retain up to 50% ownership in the joint venture, giving it a potential stream of non-mining cash flow going forward.
The company's 64% stake in Exaion adds another layer to the play, positioning MARA to offer infrastructure-as-a-service and edge inference products to industrial clients.
The Rest of the Sector Is Moving the Same Direction
MARA isn't alone in this new venture outside of the crypto mining space. The shift from Bitcoin accumulation to AI infrastructure is visible across the mining industry.
Core Scientific sold its entire Bitcoin treasury - 2,537 BTC - in March 2026, then secured a $500 million loan from Morgan Stanley to fund AI data center construction. The company has moved aggressively toward hosting for CoreWeave, and analysts expect roughly 71% of its revenue to come from HPC and AI by end of year.
IREN, formerly Iris Energy, has essentially exited the Bitcoin reserve business and announced plans to raise $3.6 billion for AI expansion, targeting $3.4 billion in annualized revenue by 2026. It has deployed over 23,000 NVIDIA GPUs and secured an AI contract with Microsoft.
HIVE Digital Technologies is running a so-called "twin-engine" model - scaling HPC alongside mining - and recentlysigned $30 million in AI cloud contracts while expanding its renewable energy footprint across Paraguay, Canada, and Sweden.
TeraWulf has gone furthest in signaling an exit from mining. The company has signed over $12.8 billion in long-term AI customer contracts, and some analysts now expect it to shut down Bitcoin mining operations entirely by the end of 2026 to focus its 2.8 GW power capacity on AI demand.
CleanSpark sold 97% of its February Bitcoin production to fund an AI pivot and a Texas data center project. Riot Platforms posted a $663 million net loss in 2025 and is now under pressure from activist investor Starboard Value to accelerate $1.6 billion in AI data center investment. Bitfarms rebranded its infrastructure division as Keel Infrastructure and has laid out a full transition to AI and HPC by 2027.
Why Miners Are Struggling
The pivot makes more sense when you look at the economics. Mining costs for some operators have risen to an estimated $87,000 per Bitcoin. At the time of writing BTC is trading around $69,000 - significantly lower than the mining costs - meaning every block mined at current spot prices is a net loss. The post-halving environment has compressed margins, and the so-called "hashprice" - the daily revenue per unit of mining power - has fallen to levels that make pure-play mining increasingly hard to justify at scale.
The result is a structural shift: for the first time, production and accumulation have fully decoupled. Miners are now sellers of their own product to stay liquid, while firms like MicroStrategy absorb supply on the other side. That dynamic, combined with the capital intensity of AI infrastructure - GPU clusters, specialized cooling systems, Tier 3 data center standards - is also accelerating consolidation. CoreWeave's initial $9 billion bid for Core Scientific is an early example of what that M&A activity could look like.
What's Next
For MARA, the near-term question is execution. Deleveraging the balance sheet is straightforward enough; turning mining sites into competitive AI data centers - and finding enterprise tenants willing to commit - is harder. The Starwood partnership provides capital and expertise, but the AI infrastructure buildout timeline is long, and revenue from those operations won't arrive overnight.
The company still holds over 48,000 Bitcoin, so its fortunes remain tied to crypto markets in the interim. But the direction is clear: MARA is no longer betting exclusively on Bitcoin. Whether the AI bet pays off depends on how quickly it can fill that 1 GW pipeline and whether the broader enterprise demand for compute holds up long enough to matter.
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