The HODL strategy of Bitcoin miners is coming to an end. Looking at recent moves in the public sector, a clear trend is emerging.

Major public miners like Core Scientific, Bitdeer, Riot Platforms, and Bitfarms are selling off large amounts of their Bitcoin holdings. The total exceeds 15,000 BTC. This is a significant decrease from their peak levels.

What’s happening is that these miners are rapidly shifting from being just Bitcoin mining companies to AI infrastructure players. With mining profit margins dropping sharply from a peak of 90% in 2021, they can no longer survive on Bitcoin operations alone. Therefore, they are liquidating their balance sheets and reallocating capital to AI data center businesses.

Looking at some specific examples, Bitdeer has reduced its holdings to zero. Cipher Digital has cut down from a record high of 2,284 BTC to 1,500 BTC. Core Scientific has drastically decreased from a peak of 9,618 BTC to just 630 BTC. Bitfarms outright states that it is “no longer a Bitcoin company.”

This trend is accelerating. Currently, Bitcoin is trading around $74,300, nearly 50% below its all-time high. As competition in mining intensifies and energy costs continue to rise, mining profitability is no longer what it used to be.

Since miners already own data centers, shifting to AI computing is relatively smooth. It might even be more profitable. Many of the top 10 public mining companies are publicly announcing or already executing sales to fund AI infrastructure expansion.

Meanwhile, some companies like Marathon Digital and CleanSpark still maintain a strict HODL stance. However, they are not entirely committed to their traditional strategies; they are also considering selling new mining capacity and flexible financing options.

Over $56 billion has flowed into U.S. spot Bitcoin ETFs, establishing a long-term holding base. But at the miner level, the era of “holding forever” is probably over. Prioritizing funding for AI transformation has become the new focus.