Bitcoin's hashrate has been declining for 287 consecutive days, marking the longest miner capitulation in history. Mining difficulty has fallen nearly 20% from its all-time high—the third-largest decline on record.
Despite this, mining stocks continue to rise.
Analysts attribute the divergence to miners increasingly shifting their focus from Bitcoin mining to AI infrastructure and services.
The CEO of MARA, the largest publicly traded Bitcoin miner in the U.S., recently said that the company's AI business is now generating significantly more revenue than its cryptocurrency mining operations.
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