Miners pivot to AI
Bitcoin miners are shifting into AI businesses and selling BTC holdings to fund roughly $70 billion in AI compute contracts, a strategic pivot prompted by mining economics and new revenue streams. The transition is already pressuring miner treasuries and could add volatility as they rebalance holdings to finance AI infrastructure. (coindesk.com)
CoinShares’ Q1 2026 mining report found the weighted‑average cash cost to produce one BTC among publicly listed miners rose to about $79,995 in Q4 2025, and described Q4 2025 as the most challenging quarter for miners since the April 2024 halving. (coinshares.com) Cango sold 4,451 BTC in February 2026 for roughly $305 million to repay a bitcoin‑collateralized loan and shore up balance‑sheet flexibility for an AI/HPC transition. (theblock.co) Industry filings and newsletters show public miners have cut treasuries by more than 15,000 BTC from peak levels, with Bitdeer reportedly clearing its reserves and Riot executing multiple treasury liquidations in late 2025. (minerweekly.com) Core Scientific’s expanded arrangement with CoreWeave projects about $10.2 billion in cumulative revenue over 12 years tied to hosted GPU capacity, while TeraWulf disclosed more than $12.8 billion in long‑term, credit‑enhanced HPC contracts covering 522 critical IT MW. (businesswire.com) TeraWulf also reported completing roughly $6.5 billion in long‑term financings to fund its buildout, underscoring that public miners are mixing treasury sales with large debt raises to underwrite HPC capacity. (d1io3yog0oux5.cloudfront.net) Analysts including Lekker Capital’s CIO note that listed miners collectively hold close to 80,000 BTC on balance sheets, making corporate treasuries a sizeable potential source of market liquidity as firms reallocate capital. (analyticsinsight.net) CoinShares’ data flags specific moves: Core Scientific sold about 1,900 BTC (~$175M) in January and signaled plans to liquidate a substantial portion of remaining holdings in Q1 2026, a pattern mirrored in recent SEC filings across the sector. (coinshares.com)
