Bitcoin Hit a Major Milestone—Most Miners Won't Be Around for the Next One

Industry Overview - The Bitcoin network has reached a significant milestone with the mining of its 20 millionth BTC, leaving only 1 million coins available for miners as rewards [1] - The mining process has taken 16 years to reach this point, but it is projected to take approximately 115 years to mine the remaining supply [2] Mining Economics - The current environment for Bitcoin mining is challenging, with many operators nearing breakeven costs due to low hash prices and the upcoming 2028 halving [5] - Publicly traded Bitcoin miners are expected to sell off most of their Bitcoin holdings by the end of 2026 to fund capital expenditures related to AI workloads [4] - The shift towards high-performance computing (HPC) and AI is evident, as many mining firms are reallocating their compute power to these areas, which offer significantly higher net operating income (NOI) margins [5] Company Strategies - Bitdeer, a mining company led by Bitmain co-founder Jihan Wu, is transitioning several of its facilities into AI data centers while also developing next-generation mining hardware [7] - The company exemplifies the broader trend in the industry where traditional Bitcoin mining operations are pivoting towards AI and HPC to enhance profitability [4][7]