Behind the "silence" of the mining industry: A high-stakes gamble on computing power

In the past month, a seemingly small but significant event has occurred in the cryptocurrency industry, one that has shaken the entire ecosystem—The publicly known Bitcoin miners have collectively "fallen silent".. I. From "Exposing Minerals" to "Silence": The "Silent Signal" Behind the Data As global computing power prices have cooled dramatically, market enthusiasm has gradually subsided. This "arms race" seems to have been put on hold. Data speaks volumes. In the past, monthly data updates were the norm. But now, the situation is drastically different. We see that MARA (Marathon Data) and Cipher haven't even released their October data. Core Scientific also seems to have stopped publishing. More notably, industry leaders have already made changes: Why have the former "experience-sharing maniacs" collectively chosen silence? What strategic adjustments are hidden behind this? II. Cooling Mining Farms and Shifting Capital: A Strategic Migration The collapse of computing power prices was the most direct trigger for this transformation. With computing power prices depressed, continuing to invest in the next generation of ASIC miners (Bitcoin-specific miners) became extremely unprofitable. Therefore, miners began to turn their attention to GPUs. These graphics cards, previously used for gaming and graphics design, were now being modified into mining rigs to mine Proof-of-Stake (PoS) cryptocurrencies such as Ethereum, or directly invested in the more valuable field of artificial intelligence. Taking Terawaulf, Cipher, and IREN as examples, they have already reached deep cooperation agreements with hyperscale data center giants. These agreements not only provide a stable market for their GPU mining rigs, but more importantly, pave the way for their future direct entry into the AI ​​computing services field. This signifies that Bitcoin mining, once its "source," is evolving into an indispensable infrastructure in the AI ​​era. Currently, the list of companies still consistently publishing monthly data is very short, mainly including: Riot, CleanSpark, Cango, Bitdeer, BitFuFu, Canaan, HIVE, and Ionic, which is preparing for its IPO. This "shrinkage" in data profoundly reflects the changing sentiment across the industry. Bitcoin mining was once a race to achieve maximum scale, but now, with the industry shifting towards more valuable fields like AI and HPC, and the continued slump in computing power prices, the "scoreboard" function of these monthly data points has been greatly diminished. IV. The Century-Long Gamble on Computing Power: Who Will Become the Next "King"? The collective "silence" of miners heralds the end of an era. The "arms race" of Bitcoin mining is drawing to a close, but a century-long gamble on computing power has just begun. 2. Technological Barriers: Is it simply about scaling up operations, or possessing unique technological advantages (such as liquid cooling technology, intelligent power management, and efficient mining farm operations)? These technological barriers will determine who will gain a more advantageous position in future competition. However, the road to transformation is not smooth. How to deal with a large number of idle ASIC miners? How to transform existing mining farm networks into GPU-compatible computing centers? How to attract and retain top AI talent? These are all huge challenges facing all those undergoing transformation. Ultimately, this epic gamble on computing power will be tested by time. Those companies that successfully bridge the transformation gap, turning their historical "legacy" into future "assets," will have the opportunity to become the "kings" of the AI ​​era, while those that cannot keep pace may be completely eliminated.