"AI boom fuels selling pressure among Bitcoin miners"

JOON HYOUNG LEE

Summary

Bloomberg reported that a quiet but rapid sell-off is emerging among miners holding more than $8 billion worth of Bitcoin.
Bloomberg said some miners are facing shareholder pressure, while others are moving to sell Bitcoin due to power costs and declining mining revenue.
Bloomberg said the shift by Bitcoin miners such as CleanSpark and Riot Platforms toward AI-focused data center businesses is a strategy being executed in practice, and that deploying the same power for AI can generate predictable returns.

Forecast Trend Report by Period

An analysis suggests that in the wake of the recent "artificial intelligence (AI) boom," selling pressure has intensified among mining firms holding Bitcoin (BTC) worth $8 billion.

Bloomberg reported on the 4th (local time) that "a quiet but rapid wave of selling is emerging among mining companies holding more than $8 billion worth of Bitcoin." Bloomberg added that "some (miners) have come under shareholder pressure, while others are selling Bitcoin due to power costs and declining mining revenue."

A prime example is Marathon Digital Holdings (MARA Holdings), the world’s largest Bitcoin miner. Marathon has recently left open the possibility of selling part of its Bitcoin holdings. Its Bitcoin stash is worth about $4 billion, the second-largest among publicly listed companies worldwide after Strategy. Bitdeer Technologies has also recently carried out strategic sales of its Bitcoin holdings.

A number of miners are also pivoting their business models toward AI-focused data centers. Bitcoin miners CleanSpark and Riot Platforms have recently overhauled their management teams to facilitate an AI shift. Bloomberg said that "(miners’) business pivots are no longer rumors or strategic hedges, but strategies being executed in practice," adding that "Bitcoin mining returns fluctuate with uncontrollable variables, but deploying the same power for AI can generate predictable returns."

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