Every cycle has a narrative that convinces miners to abandon Bitcoin at the worst possible time. In 2019, it was "mining is dead." In 2022, it was "the merge killed proof of work." In 2026, it's "pivot to AI." The miners who stayed through each of those moments captured disproportionate value when conditions improved. The ones who pivoted often missed the recovery entirely. This doesn't mean the AI opportunity isn't real. It means the timing of the pivot matters enormously. Abandoning your core business at cycle lows, selling Bitcoin near the bottom to fund a new direction, is a pattern that has historically punished miners more often than it's rewarded them. The operators worth watching are the ones who are still mining through this. Discipline at the bottom is what separates long-term winners from narrative chasers.