Feb. 10 at 8:51 PM
$BTC.X
$CANG sold over half of their position (over 4,000 BTC) at
$68,500. There are miners that are liquidating and shifting to AI infrastructure.
Bears are laughing and think they'll continue laughing all the way to the bank. "Why would the miners sell if they saw a future here?"
Because its a shit business model. Its very expensive to mine Bitcoin and its a volatile industry with poor margins. Right now, its more expensive to mine a Bitcoin than it costs to buy one.
What the bears are missing here is that this is going to constrain supply in the long-run. Fewer miners, means less new supply coming online.
Yeah, these businesses getting out of crypto and into AI infrastructure will cause some short term chop. Long-term though, its very bullish.