The largest Bitcoin miners have stopped selling their mined coins and switched to a strict holding mode, driven by a massive structural transformation toward high-performance computing and artificial intelligence. Over the past six months, public miners have collectively reduced their realized hashrate by 15%, completely shutting down around 56 EH/s of computing power. Companies have already spent over $30 billion repurposing data centers for artificial intelligence, with capital expenditures outpacing their current operating revenue by nearly 15 times. The Miner Position Index dropped from 2.8 in August, signaling profit-taking, to -1.2 in September 2026, indicating a near-complete halt to selling. For the market, this is a strong fundamental signal: miners have stopped flooding exchanges with excess coins, creating an effect of tightly constrained supply.
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