Miner profits under pressure! Wintermute states that Bitcoin mining companies must shift to AI or activate BTC asset yields.

March 13 News: In a recent research report, crypto market maker Wintermute pointed out that during the current market cycle, Bitcoin miners are facing ongoing revenue declines, and profitability in traditional mining models has become significantly more difficult. The report suggests that in the future, mining companies may need to develop artificial intelligence computing services or manage Bitcoin assets more actively to maintain long-term competitiveness.

Wintermute stated that over the years, Bitcoin miners have built extensive power and data center infrastructure in regions with low-cost energy worldwide. These resources align closely with the high-performance computing and energy supply demands of the AI industry. Therefore, some mining companies are considering transforming into AI computing hosting providers or data center operators. However, the firm also noted that such transformations typically require substantial capital investment and carry higher operational risks.

Industry trends are already emerging. Mining company MARA Holdings recently filed documents with the U.S. Securities and Exchange Commission indicating the possibility of selling some Bitcoin to support AI-related business expansion. Data shows that since October 2025, several publicly listed mining companies have sold over 15,000 BTC to boost cash flow or adjust their business strategies.

Wintermute also mentioned that Bitcoin miners currently hold nearly 1% of the total supply in BTC. This phenomenon is referred to as the “HODL legacy issue,” where miners hold large amounts of assets long-term but lack active asset management strategies. The report suggests that mining companies can hedge risks and generate income through derivatives, covered call options, or cash-secured put options, and also earn interest via lending agreements to improve asset utilization.

The report further pointed out that in this market cycle, Bitcoin’s price has not doubled as it did in previous cycles to offset the revenue decline caused by halving. Additionally, trading fee income has been highly volatile, making it difficult to form stable supplementary revenue. Moreover, rising energy costs continue to squeeze miners’ profit margins.

Wintermute believes that this profitability pressure differs from the cycles in 2018 and 2022, resembling more of an industry restructuring. As less efficient mining companies gradually exit the market, the entire Bitcoin mining industry may become more concentrated and efficient in the coming years.