$30 Billion AI Pivot Freezes Bitcoin Miners' Sales
The Bitcoin mining industry has undergone significant changes over the past six months, with public miners collectively reducing their realized hashrate by 15%. This decline in capacity resulted in the shutdown of around 56 EH/s of computing power. Industry reports confirm that this move was not a sign of capitulation, but rather a deliberate decision to redirect resources towards high-performance computing (HPC) and AI infrastructure.
The largest Bitcoin miners have effectively stopped selling their mined coins and switched to a strict holding mode, driven by the massive structural transformation across the industry. This technological shift is coming at an unprecedented cost to the industry, with companies' combined spending on repurposing data centers for artificial intelligence exceeding $30 billion.
According to fresh on-chain data from the Bitfinex exchange, the Miner Position Index (MPI) has collapsed to -1.2 in September 2026, well below the annual average. The flow of cryptocurrency from miners' wallets to exchanges has practically dried up, indicating that miners have stopped flooding exchanges with excess coins and are simply waiting for more favorable prices.