Bitcoin miners are under pressure from crushed margins and falling hash prices, with CoinShares reporting Q4 2025 cash costs near $79,995 per BTC. This has led public miners, collectively holding 121,516 BTC, to become marginal sellers for liquidity, contrary to traditional assumptions. MARA, Riot Platforms, and Core Scientific have sold significant Bitcoin holdings, with Riot funding a 200-acre land purchase via sales. Simultaneously, miners are rapidly pivoting to AI services. CoinShares projects listed miners could derive up to 70% of revenues from AI by end-2026. Key examples include Core Scientific energizing for CoreWeave, Hut 8 securing a large AI data center lease, and IREN reporting substantial AI Cloud Services revenue and financing. This strategic shift redefines miner stock exposure to include both BTC price and AI infrastructure demand.

Bitcoin miners are under pressure from crushed margins and falling hash prices, with CoinShares reporting Q4 2025 cash costs near $79,995 per BTC. This has led public miners, collectively holding 121,516 BTC, to become marginal sellers for liquidity, contrary to traditional assumptions. MARA, Riot Platforms, and Core Scientific have sold significant Bitcoin holdings, with Riot funding a 200-acre land purchase via sales. Simultaneously, miners are rapidly pivoting to AI services. CoinShares projects listed miners could derive up to 70% of revenues from AI by end-2026. Key examples include Core Scientific energizing for CoreWeave, Hut 8 securing a large AI data center lease, and IREN reporting substantial AI Cloud Services revenue and financing. This strategic shift redefines miner stock exposure to include both BTC price and AI infrastructure demand.