According to CoinMeta, with an AI transformation worth over $30 billion, the largest Bitcoin miners have effectively stopped selling the coins they mine and shifted to a strict holding pattern. This change is driven by a major structural transformation across the industry. In the past six months, the actual computing power of public miners has decreased by 15%, with about 56 EH /s of computing capacity being shut down. Industry reports confirm that this move is not a surrender, but rather a deliberate reallocation of resources towards high-performance computing HPC and AI infrastructure. Data shows that Cango and Iren disconnected 29.5 EH /s and 21.9 EH /s of their computing power in the first half of the year respectively, with these two companies accounting for 68% of the total decline in public mining capacity. However, this technological transformation has brought unprecedented costs to the industry: the capital expenditure of the six major infrastructure providers on this transformation has exceeded nearly 15 times their current operating income.