[Miners sold coins worth 1.6 billion to move into AI; now they’ve bought back 100 million worth of Bitcoin 😳]
Group chat: 📲加入X先生的粉丝群聊
US-listed mining company MARA bought back 1,292 bitcoins overnight. This deal cost $98.64 million and was processed via FalconX. This year, it sold 23,093 bitcoins, cashing out $1.63 billion. Then it pivoted to building an AI data center. After the buyback, it holds 35,577 bitcoins, worth about $2.7 billion.
First, look at the timing. This trade appeared the day after a group of AI heavyweights collectively called for slowing down. Anthropic’s Amodei published a long post, saying he wants to slow model development. OpenAI and xAI followed by discussing risks, and AI stocks promptly plunged.
What’s really worth watching is where the money went. A company that lives off computing power should be the most knowledgeable about the economics of AI. It “bets” its data center capacity on AI, yet converts its profits back into Bitcoin. As worries about excess computing capacity rise, the coin becomes its hardest form of reserves.
For crypto, this is a reversal of the miners’ narrative. In the first half of the year, mining firms collectively dumped coins to go into AI and were criticized as traitors. Now the first buyback is here—effectively a vote for the coin price at $76,000.
Do you think this buyback means the miners are admitting they were wrong, or that the AI bubble is about to burst? Let’s discuss in the comments.
Group chat: 📲加入X先生的粉丝群聊
US-listed mining company MARA bought back 1,292 bitcoins overnight. This deal cost $98.64 million and was processed via FalconX. This year, it sold 23,093 bitcoins, cashing out $1.63 billion. Then it pivoted to building an AI data center. After the buyback, it holds 35,577 bitcoins, worth about $2.7 billion.
First, look at the timing. This trade appeared the day after a group of AI heavyweights collectively called for slowing down. Anthropic’s Amodei published a long post, saying he wants to slow model development. OpenAI and xAI followed by discussing risks, and AI stocks promptly plunged.
What’s really worth watching is where the money went. A company that lives off computing power should be the most knowledgeable about the economics of AI. It “bets” its data center capacity on AI, yet converts its profits back into Bitcoin. As worries about excess computing capacity rise, the coin becomes its hardest form of reserves.
For crypto, this is a reversal of the miners’ narrative. In the first half of the year, mining firms collectively dumped coins to go into AI and were criticized as traitors. Now the first buyback is here—effectively a vote for the coin price at $76,000.
Do you think this buyback means the miners are admitting they were wrong, or that the AI bubble is about to burst? Let’s discuss in the comments.
