Bitcoin Mining Faces A Shakeout As CORZ, KEEL, IREN, CIFR Get Ready To Exit, Says CoinShares

CoinShares said on Tuesday that at least 35 EH/s of computing power will leave the listed miners in the third quarter.

• CoinShares noted that Core Scientific paid $41.9 million to cancel a chip order, and Keel stopped mining entirely in June.
• According to the firm, enough machines were leaving the group to cut the Bitcoin network's total computing power by roughly 4%.
• Economist and BTC advocate Saifedean Ammous stated Bitcoin's electricity consumption may already have peaked.

AI data centers make around $1.5 million a year in profit per megawatt compared to around $0.5 million for Bitcoin mining, increasing the incentive for miners to move power and infrastructure to AI.
According to CoinShares’ second-quarter Bitcoin mining report, Core Scientific (CORZ) spent almost $42 million to cancel a chip order, Keel Infrastructure (KEEL) has already stopped mining entirely, while IREN (IREN) and Cipher Digital (CIFR) are winding down.  Between them, CoinShares reported that enough machines were leaving the group to cut the Bitcoin network's total computing power by roughly 4%.

The firm said at least 35 EH/s was scheduled to leave the listed miner group in the third quarter as IREN and Cipher completed their exits. Hashrate, measured in exahashes per second (EH/s), is the industry's yardstick for computing power. The whole Bitcoin network runs at roughly 920 EH/s, so the exits amount to roughly 4% of it.