Wintermute states that Bitcoin miners are struggling to make profits due to declining returns in this market cycle, suggesting they should pivot to AI hosting or actively manage their BTC assets to generate yield. Miners have built large-scale power infrastructure in low-cost energy regions, which has become an asset that the AI industry urgently needs and is difficult to replicate. While Bitcoin mining offers a structurally rigid business model, the AI pivot is described as a capital-intensive step.
Bitcoin revenue and gross margins are way down from previous cycles (epochs). Source: Wintermute
Bitcoin Miners’ Low Return Problem
Bitcoin miners could not compensate for the revenue drop after the halving. The BTC price did not double in the four-year cycle; gross margins peaked at previous bear market bottoms. Transaction fees remain episodic rather than structural, and energy costs are squeezing margins. This is viewed as a healthy shakeout that will make the sector more efficient. As of March 13, 2026, BTC price is $71,568.16 (+3.18% 24h), RSI 54.70 neutral, but showing downtrend and bearish Supertrend signal. EMA 20: $69,215.
Wintermute’s AI Hosting Pivot Suggestion
Miners’ cheap energy infrastructure is ideal for AI data centers. The AI sector urgently needs this capacity, and it is hard to replicate. The pivot is capital-intensive but promises long-term yield. Miners can plan the transition by monitoring market fluctuations with BTC detailed analysis tools.
MARA Holdings’ SEC Filing and BTC Sales
MARA Holdings submitted documents to the SEC on March 3 announcing its intention to pivot to AI by selling BTC. Publicly listed miners have sold over 15,000 Bitcoins since October. Miners holding ~1% of total BTC supply are seen as remnants of the HODL era.
| Level | Price | Score | Distance | Sources |
|---|---|---|---|---|
| S1 (Strong) | $68,179.61 | 70/100 | -4.76% | Ichimoku Kijun, BB Middle |
| S2 (Strong) | $70,589.49 | 67/100 | -1.39% | S1, HV |
| R1 (Strong) | $74,589.08 | 80/100 | +4.20% | Fibo 0.382, ATR Upper |
| R2 (Strong) | $78,962.25 | 66/100 | +10.31% | Fibo 0.50 |
Active BTC Yield Strategies for Miners
- Derivatives: Hedge with options and futures; BTC futures are popular.
- Covered Calls: Generate premium income by selling call options on held BTC.
- Lending Protocols: Lend BTC on DeFi platforms for 4-6% APY.
- Passive Management: Dynamic allocation instead of HODL.
These strategies alleviate miners’ liquidity crunch.
BTC Market Dynamics and Mining Future
Under downtrend pressure, S1 support is critical; if broken, $68K could be tested. The AI pivot could transform mining and enhance sector sustainability. Experts predict that efficient infrastructure will provide an advantage in the AI boom.
Source: https://en.coinotag.com/bitcoin-miners-pivot-to-ai-wintermute-warning
