Indeed, some BTC mining companies have shifted toward AI, but this is not unique to the current bear market—it’s a pattern we’ve seen before. Globally, approximately 15–20% of mining capacity is currently unprofitable (according to CoinShares), making operations with outdated equipment or high electricity costs particularly challenging. At the same time, some miners are repurposing idle power or data center infrastructure for AI training and inference, as AI contracts offer more stable and predictable revenue streams. Recent developments show that certain mining firms have already signed AI/HPC contracts totaling over $70 billion, resulting in AI revenue surpassing mining income for some. Additionally, the surge in AI demand aligns well with miners’ existing advantages—such as low-cost power contracts, pre-existing data centers, cooling systems, and operational expertise. For these companies, this shift is not an abandonment of BTC or mere speculation, but a strategic move for survival. Similar transitions occurred in the past—during 2018/19 or 2022, miners experimented with cloud services, other crypto mining ventures, or energy projects. Almost every halving cycle sees a wave of miners exit, while those who remain are typically rewarded more handsomely in the future. The miners who stay are often the most efficient—those with lower electricity costs, newer machines, and reduced leverage. As weaker capacity is cleared from the network, survivors receive a larger share of rewards. There are also purists who remain solely focused on mining. They argue that selling hashing power or BTC to chase AI is short-sighted—unless under severe financial pressure. In the long term, mining remains more compelling: BTC’s security and scarcity ultimately depend on the ASIC network, whereas AI relies on general-purpose hardware, which faces fiercer competition and faster depreciation. Of course, reality is harsh: if BTC remains below $80,000 for an extended period, it will place further pressure on miners, leading to even more capacity being shut down.