The cost price for BTC miners is around 79,000. But the current coin price is only near 70,000. Are miners losing money while mining? What’s crazy is that these mining companies’ stock prices are still going up? So I went to dig into what’s really going on. Turns out, they stopped relying on mining to make money a long time ago. Core Scientific signed a $10.2 billion AI data center contract with CoreWeave, spanning 12 years. TeraWulf signed a $12.8 billion deal, and Hut 8 signed one for $7 billion. Altogether, the top companies have contracts exceeding $70 billion. Some companies will have over 70% of their revenue coming from AI by the end of this year. They call themselves mining companies, but they’re basically data center companies now. Mining is just an excuse to keep the machines busy. But the more I think about it, the more complicated it feels... Miners are now net sellers. To raise funds for AI transformation, they’ve already sold over 15,000 BTC. Back in the day, miners would hold onto their coins waiting for a bull market, but now they’re selling BTC to build data centers. This means a big chunk of buying power for BTC is gone. Another thing is, if there are fewer miners, will Bitcoin network security be at risk? Does anyone know more about this?