The Bitcoin mining industry faces a critical strategic pivot as companies navigate between traditional mining and emerging HPC/AI infrastructure opportunities with varying profitability models.

• Bitcoin price stability around $108-109k still leaves many miners unprofitable
• Several miners aggressively scaling up hash rates (Mara targeting 75 EH/s, CleanSpark and Iron at 50+ EH/s)
• Bit Digital and other miners considering complete divestment from Bitcoin mining to focus on HPC/AI
• Co-location model emerging as potentially most profitable HPC strategy with lower capital requirements
• Power costs represent 25-50% of Bitcoin mining revenue versus only 2% for HPC operations
• Data sovereignty becoming important trend with Canadian operations gaining strategic advantage
• Equipment replacement cycles (3-4 years) and halving events create ongoing profitability challenges
• Ethereum treasury management emerging as alternative strategy with BitDigital leading the trend
• Soluna Holdings reached full capacity at Dorothy 2 facility, demonstrating successful hosting strategy

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