Another Bitcoin miner might be leaving the industry as they see bigger potential in AI infrastructure.
As reported
Bitcoin miner MARA sold 13,597 BTC for $1.1 billion in six weeks, plans to sell moreThe company sold 13,597 BTC at an average of about $81,039, according to its third-quarter shareholder letter, filed Monday. That is equivalent to 40% of the 34,012 bitcoin it held at the end of September.
It sold six times as much bitcoin in roughly six weeks as it mined during the entire third quarter.
Most of the cash went straight to lenders. MARA used $750 million to repay loans secured against its bitcoin, releasing 17,477 coins it had pledged as collateral. Less than 5% of its remaining holdings are now lent out or pledged, down from 57% at September’s end.
report said the money was used to pay off debt and possibly fund AI infrastructure so maybe they really see a big opportunity in AI, and might eventually leave the mining industry.
Although this seems like bad news but it's normal in business since they are not like investors who are really into HODLing they are running a business and cash flow is important to them, so if they sold it's their decision, hope they will not regret it in the future as competition in the AI infrastructure business might also increase just like mining in the early days, there were only a few competitors but eventually the competition became bigger.
Any thoughts on this news?