MARA sold 15,000 BTC, Bitdeer sold all of its BTC, Riot is selling $BTC from treasury to fund data center build-outs, Auradine just rebranded to Velaura AI.
The biggest miners are leaving the game.
Not necessarily because it's broken, but because AI pays more per megawatt.
Think about what this means:
These aren't small players.
They find thousands of blocks and move global hashrate.
When they redirect capital and infrastructure toward AI, that hashrate comes offline.
Unless equivalent hashrate fills the gap, difficulty drops.
And it doesn't seem the the gap will be filled in the near term because the whole reason they're leaving is better margins elsewhere.
Lower difficulty = higher margins for every miner who stays.
And there's a second layer here.
If the Strait of Hormuz stays closed into April, energy prices climb.
Oil-dependent miners get hit hardest.
This might be the best setup small/medium miners with stable PPA's have seen since the 2021 China mining ban.
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