Miner capitulation is a key sign of entering a bear market. The 'Miner Profitability Sustainability Index' has dropped to 21, indicating that, apart from a few low-electricity-cost, high-efficiency operators, most miners' profit margins have been completely squeezed. But the good news is that many leading companies are accelerating their transition to artificial intelligence (AI) and high-performance computing (HPC). IREN and Core Scientific have already shifted part of their data center power capacity to support generative AI operations, aiming for more stable long-term contract revenue. Bitfarms recently announced a complete exit from Bitcoin mining to focus on an AI-driven strategic transformation.