Bitcoin Miners Shift to AI Amid Slumping Selling Pressure
Bitcoin miners have dramatically reduced their selling pressure in recent months, shifting focus to alternative businesses such as AI and high-performance computing (HPC). According to a report by U.Today on September 7, listed bitcoin miners' actual active hashrate fell by about 56 EH/s in the first half of this year, down 15 percent. The overall bitcoin network hashrate also declined by around 10 percent over the same period.
The industry views this as a reflection of worsening mining profitability and the impact of shifting power and data centers to AI and HPC businesses. A recent analysis by TheEnergyMag estimated that capital spending by listed miners and AI infrastructure-related companies totals about $30 billion. In one quarter alone, 14 companies used for comparison spent $18.6 billion.
CryptoQuant's Miner Position Index (MPI), which measures miner coin outflows, jumped to 2.8 in August when bitcoin prices rose. However, this month the MPI has fallen to -1.2, indicating a significant decrease in selling pressure from miners.