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Bitcoin miners will need to either transition to hosting computational power for artificial intelligence projects or more actively utilize their accumulated coins to generate income. This perspective was shared by analysts from the cryptocurrency firm Wintermute.
According to their assessment, over the years, mining companies have established a vast energy infrastructure in regions with low electricity costs. Currently, these capabilities are becoming sought after in another sector—the artificial intelligence industry, which requires large data centers and substantial computational resources.
“The traditional model of Bitcoin mining remains conservative. Thus, for some companies, shifting to support AI projects may present an appealing alternative and the only means of survival. However, such a transition necessitates significant investments and a complete business overhaul,” the analysts noted.
Wintermute reports that collectively, mining companies hold approximately 1% of the total Bitcoin supply. Experts believe this is a result of a holding strategy, where mined coins were typically retained on balance sheets. To date, many management tools for such reserves are hardly utilized.
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Historically, the avenues for generating income from crypto assets have been limited to staking. However, specialists argue that miners could manage their reserves more effectively through financial instruments.
“Active balance management is the least utilized lever available to miners, and it deserves much greater attention. Miners who view their Bitcoins as active assets rather than passive reserves will gain a structural advantage ahead of the next halving,” Wintermute explained.
The current market conditions are exerting additional pressure on the industry. For the first time in a four-year cycle, the price of Bitcoin has not provided growth sufficient to offset the decline in revenues following the halving. Consequently, the gross profit of mining companies has approached levels previously seen at the lows of bear market cycles.
An additional factor is that the increase in transaction fees has not consistently compensated for the reduction in block rewards. According to Wintermute, spikes in fees are episodic and do not create a stable income source. Meanwhile, energy costs continue to pressure the profitability of the mining business.
Analysts described the current situation as a “healthy shake-up” for the industry, aligning with Bitcoin’s economic model and potentially making the mining sector more resilient and efficient in the long run.
Previously, experts from TheEnergyMag platform indicated that large Bitcoin mining companies have been actively selling their accumulated coins in recent months. They estimate that this trend may intensify in the coming months.
