$30 Billion AI Pivot Causes Bitcoin Miners to Freeze All Sales

The largest Bitcoin miners have effectively stopped selling their mined coins and switched to a strict holding mode, driven by a massive structural transformation across the entire industry. Over the past six months, public miners have collectively reduced their realized hashrate by 15%, completely shutting down around 56 EH/s of computing power.

Industry reports confirm that this move was not capitulation — companies are deliberately redirecting their resources toward high-performance computing (HPC) and AI infrastructure.

The "Biggest Unplug" charts clearly show who led this exodus: Cango and IREN disconnected 29.5 EH/s and 21.9 EH/s, respectively, during the first half of the year. These two players accounted for 68% of the total decline in capacity among public companies. Declines were also recorded at Cipher, Riot, TeraWulf, and CleanSpark.

However, this technological transformation is coming at an unprecedented cost to the industry: companies' combined spending on repurposing data centers for artificial intelligence has already exceeded $30 billion.

The capital expenditures of the six largest infrastructure providers on this transition have outpaced their current operating revenue by nearly 15 times.