Bitcoin miners are walking away from Bitcoin mining.
• IREN: mining revenue down 58%, and it plans a full exit by year-end (The Block)
• Core Scientific: also set to quit BTC mining by year-end as its AI business surges
• Both are pivoting to AI compute
When hash-rate owners leave because AI pays better, the miner-as-forced-seller story fades, but so does a loyal $BTC buyer base. Watch whether hashrate dips or other miners follow.
Which matters more for $BTC: fewer miners dumping, or fewer miners left?
#Bitcoin #BitcoinMining #AI
• IREN: mining revenue down 58%, and it plans a full exit by year-end (The Block)
• Core Scientific: also set to quit BTC mining by year-end as its AI business surges
• Both are pivoting to AI compute
When hash-rate owners leave because AI pays better, the miner-as-forced-seller story fades, but so does a loyal $BTC buyer base. Watch whether hashrate dips or other miners follow.
Which matters more for $BTC: fewer miners dumping, or fewer miners left?
#Bitcoin #BitcoinMining #AI