Bitcoin Miners Pour $30 Billion into AI Amid Hash Rate Decline
Bitcoin mining companies have invested $30 billion in expanding their artificial intelligence (AI) infrastructure. This significant investment has led to a decrease in the volume of mined coins sent to exchanges, with the mining hash rate that has been terminated over the past six months reaching 56 exahashes (EH/s). Despite not stopping sales entirely, the inflow to exchanges has diminished. The Miner Position Index (MPI) has dropped from 2.8 in August to -1.2 in September, indicating weakened selling pressure.
The investment is equivalent to 15 times the current operating revenue of publicly traded mining companies. Cango and Iren have led the decrease in hash rate, accounting for 68% of the total reduction. The shift towards AI in the mining industry is related to a 17% decrease in Bitcoin's hash rate compared to its all-time high, which is analyzed as a result of reallocating resources to AI ventures.
Miners are adopting strategies to reduce their dependence on coin sales and secure stable cash flow. With the recent MPI figure being -1.2, attention is drawn to whether sales will increase again after the completion of AI equipment purchases.