Miners' $30 Billion AI Pivot Freezes Bitcoin Sales

The Bitcoin mining industry is undergoing a massive transformation, driven by a significant shift towards high-performance computing (HPC) and AI infrastructure. Public miners have collectively reduced their realized hashrate by 15% over the past six months, shutting down around 56 EH/s of computing power.

Cango and IREN led this exodus, disconnecting 29.5 EH/s and 21.9 EH/s respectively during the first half of the year. These two players accounted for 68% of the total decline in capacity among public companies.

The industry's capital expenditures on repurposing data centers for AI have exceeded $30 billion, with six largest infrastructure providers' spending outpacing their current operating revenue by nearly 15 times.

As a result, miners have stopped actively selling their mined Bitcoin and are waiting for more favorable prices. The Miner Position Index (MPI) has collapsed to -1.2 in September 2026, indicating tightly constrained supply in the market.