In the past month, a seemingly small yet significant event has occurred in the Crypto Assets industry that is capable of shaking the entire ecosystem — public Bitcoin miners have collectively “gone silent.”
1. From “Mining” to “Silence”: The “Silent Signals” Behind the Data
To understand the significance of this “loss of voice”, we must first revisit the starting point of this competition.
However, times have changed. Now, the rules of the game seem to have suddenly changed.
As the global computing power prices plummet sharply, market enthusiasm is gradually waning. This “arms race” seems to have hit the “pause button.”
Data speaks for itself. In the past, monthly data updates were the norm. But now, the situation is drastically different. We see that MARA (Marathon Digital) and Cipher have not even released the data for October. Core Scientific also seems to have stopped releasing. More notably, the industry leaders have taken the lead in making changes:
Why have the former “show-off maniacs” collectively chosen silence? What strategic adjustments are hidden behind this?
2. Cooling Mining Farms and Shifting Capital: A Strategic Migration
The collapse of hash power prices is the most direct trigger of this transformation.
In the context of low hash rate prices, continuing to invest in the new generation of ASIC miners (Bitcoin dedicated miners) has become extremely unprofitable. Therefore, miners have started to turn their attention to GPUs. These graphics cards, which were previously used for gaming and graphic design, are now being repurposed as mining machines for mining Crypto Assets like Ethereum, which supports Proof of Stake (PoS), or directly invested in the more valuable field of artificial intelligence.
Taking Terawulf, Cipher, and IREN as examples, they have reached deep cooperation agreements with super-large data center giants. These agreements not only provide a stable market for their GPU mining machines, but more importantly, pave the way for their future direct entry into the AI computing service field. This marks a transformation where Bitcoin mining, once the “source”, is evolving into an indispensable infrastructure in the AI era.
Currently, the list of companies that still insist on releasing monthly data is very short, mainly including:
· Riot, CleanSpark, Cango, Bitdeer, BitFuFu, Canaan, HIVE, and the upcoming Ionic
The “shrinking” of this data profoundly reflects the emotional changes in the entire industry. Bitcoin mining was once a competition for extreme scale, but now, as the industry shifts towards more valuable AI and HPC fields, along with the continued slump in computing power prices, the “scoreboard” role of these monthly data has been greatly weakened.
- The Century Gamble of Computing Power: Who Will Become the Next “King”?
The collective “silence” of the miners heralds the end of an era. The “arms race” of Bitcoin mining is coming to a close, while a century-long gamble over computing power has just begun.
2 Technical Barriers: Is it purely about scaling up or having unique technological advantages (such as liquid cooling technology, smart power management, and mining operation efficiency)? These technical barriers will determine who can occupy a more advantageous position in future competition.
However, the road to transformation is not smooth. How to deal with a large number of idle ASIC miners? How to transform the existing mining farm network into a GPU-compatible computing center? How to attract and retain top AI talent? These are huge challenges that all transformers face.
Ultimately, this century's gamble on computing power will be tested by time. Companies that can successfully bridge the transformation gap, turning historical “heritage” into future “assets,” will have the opportunity to become the “kings” of the AI era, while those who cannot keep pace with the times may be completely eliminated.
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