Bitcoin Miners Bet on AI, Network Security Slumbers

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The grand experiment of Bitcoin mining, once the beating heart of digital gold, now faces a curious metamorphosis. Public miners, with the enthusiasm of a man swapping his bowler hat for a top hat in the middle of a blizzard, have declared their allegiance to artificial intelligence. Whether this is salvation or surrender remains a question best left to the ghosts of cypherpunks past.

Charles Edwards, a man whose spreadsheets could outwit a chess grandmaster, has charted a grim trajectory: the average BTC revenue share among public miners may plummet from 90% to 30% in two to three years. One imagines him scribbling these numbers with a sigh, as if penning a eulogy for a blockchain he once cherished.

The Great Migration: From Bitcoin to AI, with a Side of Desperation

Among the dozen public mining firms tracked, those vying for 80% or more AI revenue have seen their stock prices ascend with the grace of a rocket fueled by optimism. Others, clinging to Bitcoin’s fading light, have languished-some even sinking below the zero mark, a fate as ignominious as a poet forgotten by time.

Many of these firms, in a display of fiscal theater, plan to let their ASICs rust in the corner while pouring resources into AI infrastructure. A masterclass in misplaced priorities, one might say.

“If these numbers are even half accurate, and they are based on direct company statements, the energy and commitment to Bitcoin is under significant threat over the next 2-3 years. All while Quantum computing is taking off and poses an existential threat to Bitcoin unless we change the code,” wrote Edwards, his words dripping with the kind of dry wit reserved for those who’ve seen empires crumble.

Paul Sztorc, a Bitcoin researcher with the dramatic flair of a Shakespearean actor, added his voice to the dirge. He noted the rebranding of MinerMag to “Energy Mag,” the renaming of Bitcoin 2026’s “Mining Stage” to “Energy Stage,” and MARA Holdings’ silent erasure of Bitcoin from its website. One wonders if these companies fear the blockchain’s wrath or simply the wrath of investors.

Yes – BTC Mining is dying.

“MinerMag” renamed to “Energy Mag”
“Mining Stage” (at Bitcoin 2026) renamed to “Energy Stage”

MARA – largest bitcoin miner in the world, removed all references to Bitcoin from their site, like 2 years ago

Cormint – huge miner, #1 most…

– Paul Sztorc (@Truthcoin) April 17, 2026

Adam Back Sees a Self-Correcting Market (Or So He Hopes)

Blockstream CEO Adam Back, ever the optimist, dismissed the doomsayers with the nonchalance of a man who’s never owned a Bitcoin. He argued that a falling hashrate would boost profit margins for remaining miners, creating an “arbitrage” that would balance the scales when mining returns matched AI workloads. A theory as elegant as it is fragile.

“…this is actually good for miners: if Hashrate falls profit margin increases. it’s an arbitrage, with equilibrium when mining margin is the same as ai workloads. Higher profit margin adds to positive reflexivity – miners sell less Bitcoin to cover power, and as price rises,” Back challenged, his tone suggesting he might be reciting a bedtime story to a bear market.

Higher margins, Back claimed, would reduce the need to sell BTC for operating costs-a phenomenon he dubbed “positive reflexivity.” One suspects the reflexive part involves a lot of eye-rolling from the network’s security guards, who are now being asked to work shorter hours.

While the arithmetic may hold, the broader question lingers: Is this pivot a triumph of capitalism or a betrayal of Bitcoin’s very ethos? With 100% of public miners fleeing the scene and energy commitments evaporating, the network’s security-once its crown jewel-now resembles a castle guarded by shadows.

It’s good for the remaining miners of course as margins will rise. But is it a good and healthy sign of the network growth and security that 100% of public miners are pivoting away from Bitcoin and energy committed to thr network is falling? Definately not.

– Charles Edwards (@caprioleio) April 17, 2026

Bitcoin’s mining difficulty, already in retreat, dropped 7.76% in March 2026. The hashrate, once a roaring beast at 1 ZH/s, now limps along at 870 EH/s. The exodus of computing power reads like a tragic opera, albeit one performed by machines.

The debate crescendos just weeks before Bitcoin 2026 in Las Vegas, where Sztorc plans to unveil a solution to the mining exodus on the newly renamed Energy Stage. One wonders if the solution involves a time machine-or at least a stronger cup of coffee.

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2026-04-17 14:33