Core Insights - Bitcoin mining has become less lucrative due to multiple halving events that have significantly reduced rewards despite an increase in Bitcoin prices [3][4] - Companies in the crypto industry are pivoting from Bitcoin mining to artificial intelligence (AI) due to the decline in profitability [5] Industry Overview - Bitcoin mining involves using specialized hardware to solve cryptographic functions, allowing miners to verify and add BTC transactions to the blockchain in exchange for rewards [2] - The profitability of Bitcoin mining attracted many tech enthusiasts during the pandemic, but the situation has changed drastically [3] Company Actions - Bitfarms Ltd. plans to wind down its Bitcoin mining business by 2027 and transition to AI operations [5] - Tether Holdings has also announced the shutdown of its Bitcoin mining operations in Uruguay [5] - Bit Digital, which began mining Bitcoin in 2020, is now planning to shut down its Bitcoin mining operations and has shifted focus to AI [7]

Bitcoin has long been defined by sharp price swings, rapid cycles and a mining economy driven by block rewards. As the industry moves deeper into a post-halving era, that model may be starting to change. According to Abundant Mines CEO Beau Turner, Bitcoin miners are quietly preparing for a future where mining looks less like speculative extraction and more like critical infrastructure. In a recent interview with TheStreet Roundtable, Turner said many of the industry’s largest miners are already adjusti ...

Core Insights - Bitcoin (BTC) closed 2025 with a negative yearly return of 6%, marking the first time in a post-halving year that it ended in the red, deviating from historical trends [2][6] - The traditional "4-year cycle" associated with Bitcoin's halving events is being questioned, with some analysts suggesting it may be evolving due to market maturation rather than being entirely broken [4][6] Historical Performance - Historically, Bitcoin's price has peaked in the year following the halving, with significant positive returns observed in previous cycles: - 2012-2013: +8,480% to +7,000% - 2016-2017: +285% to +1,300% - 2020-2021: +560% - 2024-2025: -6% to -7%, the weakest post-halving performance on record [3][4] Market Dynamics - The impact of Bitcoin's halving events appears to be diminishing in an increasingly institutionalized market, with the 2024 halving reducing issuance from 1.7% to 0.85% annually, as approximately 94% of Bitcoin is already mined [7] - Institutional dominance has increased, with the launch of Spot Bitcoin ETFs in 2024 leading to cumulative inflows of approximately $56–$87 billion, tying Bitcoin more closely to traditional risk assets [7] Correlation and Macro Factors - Bitcoin's correlation with the S&P 500 and NASDAQ rose significantly in 2025, indicating its behavior as a "macro asset" sensitive to interest rates, liquidity, and equity sentiment [7] - Macro headwinds, including geopolitical tensions and Fed policy tightening, contributed to Bitcoin's underperformance, with it lagging behind gold, which performed well as a traditional hedge [7] Market Sentiment and Speculation - The early bull run in 2024 was driven by ETF hype, peaking early in 2025 before a correction occurred, suggesting a shift in market sentiment [7] - Reduced retail speculation is evident, with lower volatility and perpetual futures basis rates reflecting a more mature trading environment dominated by institutional players, accounting for 60% or more of trading volume [7]

Core Insights - The artificial intelligence (AI) bubble is under scrutiny, yet Wall Street dealmaking persists due to the ongoing demand for power from bitcoin miners and data center developers [1] - Demand for power from bitcoin miners is substantial, but the demand from AI and high-performance computing (HPC) is even greater, with clients reporting a need for GPU-ready facilities [2] Industry Dynamics - Following the bitcoin halving, miners experienced a margin squeeze, prompting a shift towards hosting AI and HPC hardware in their data centers, which has positively impacted BTC mining stocks amid AI market hype [3] - Concerns about AI valuations have led to significant market value losses for major tech companies, including Nvidia and CoreWeave, with CoreWeave's stock down over 50% from its peak [4] Demand and Valuation - Despite market fluctuations, demand for data center capacity remains strong, with companies confirming they have tenants and are receiving favorable rates [5] - Companies have benefited from higher valuation multiples and favorable capital-raising conditions despite recent selloffs [6] M&A Activity - The ongoing demand for power is driving M&A negotiations, with attractive financial metrics for power in competitive locations [7] - Valuations for power can reach over $400,000 per megawatt, with potential peaks of $450,000 per megawatt, and previous deals have been priced as high as $500,000 to $550,000 per megawatt [8]

Next ₿itcoin Halving Progress▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░░░░░░░ 42%Loading…Please HODLCurrent Block: 928,194Halving Block: 1,050,000Blocks Remaining: 121,806Days Remaining: ~846 ...

Core Viewpoint - Cathie Wood, CEO of Ark Invest, believes that Bitcoin's traditional four-year cycle will be disrupted due to increased institutional investment, leading to reduced volatility and potentially preventing significant price declines [1][4]. Group 1: Bitcoin's Market Dynamics - Historically, Bitcoin experienced price drops of 75-90% in its early days, but recent trends indicate that volatility is decreasing as institutional interest grows [1]. - The last Bitcoin halving occurred on April 20, 2024, reducing the mining reward to 3.125 bitcoins, which has historically led to bull runs by limiting new supply [1][2]. - Wood posits that Bitcoin is transitioning to a "risk-on asset," aligning more closely with the performance of stocks and real estate, contrasting with its previous role as a "risk-off asset" during times of economic distress [2][3]. Group 2: Institutional Influence and Predictions - Wood's investment strategy includes increasing positions in crypto-related companies such as Coinbase and Circle, as well as in the Ark 21Shares Bitcoin ETF, indicating a strong belief in the future of cryptocurrencies [4]. - Standard Chartered has also suggested that the traditional halving cycle may no longer be a relevant price driver due to the impact of ETF buying, challenging previous market logic [4][5]. - The prediction market Myriad indicates a mere 4% chance of Bitcoin outperforming gold by 2025, reflecting skepticism about Bitcoin's future performance compared to traditional safe-haven assets [3].

JPMorgan analysts signaled on Tuesday that Bitcoin and other digital assets could have more room to run, despite fears sparked by the original cryptocurrency’s plunge over the last month. Although some onlookers may be convinced that crypto prices are primed for prolonged downturn following Bitcoin’s fall as low as $81,000 last month, the investment bank doesn’t foresee a so-called crypto winter brewing on the horizon. “The sell-off this past month triggered worries throughout crypto media and markets that ...

Next ₿itcoin Halving Progress▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░░░░░░░ 41%Loading…Please HODLCurrent Block: 926,144Halving Block: 1,050,000Blocks Remaining: 123,856Days Remaining: ~860 ...

Um we had a couple Bitcoin miners there is this narrative that they have absolute control over Bitcoin price like you you were just talking about how if they don't sell right after having then there is no supply. >> I think after the super cycle you may end up having a change. I think that as we tend to be creeping up in the day of the the date of the having that adds to the scarcity right so in other words if you have more people buying and less inventory to sell the numbers still make a difference right a ...

Group 1 - Tether Holdings has decided to shut down its Bitcoin mining operations in Uruguay due to high energy costs and an inability to negotiate lower prices [1][5][6] - The company had initially planned a significant investment of approximately $500 million in Uruguay [8] - Tether's decision to exit follows a reported $4.8 million debt dispute with the state-owned electricity entity, UTE [6] Group 2 - Bitcoin mining is becoming less attractive due to reduced mining rewards from multiple halving events, despite the overall increase in Bitcoin prices [3][4] - The energy-intensive nature of Bitcoin mining drives companies to seek locations with lower energy costs [4]