TL;DR:
- Bitcoin miners reduced selling after more than $30 billion in AI infrastructure spending, while miners cut hashrate by 15% over six months.
- Cango and IREN led the capacity reduction, while August’s Miner Position Index spike to 2.8 reflected temporary selling pressure linked to infrastructure financing.
- September’s Miner Position Index fell to -1.2 as exchange flows nearly dried up, tightening Bitcoin supply and signaling that miners had shifted back toward holding.
Bitcoin miners have reduced coin sales after a costly industry pivot toward artificial intelligence infrastructure absorbed more than $30 billion in capital spending. Over the past six months, public miners cut realized hashrate by 15%, shutting down roughly 56 EH/s of computing power as resources moved toward high-performance computing and AI. The striking shift is that miners are no longer behaving like forced sellers after financing their infrastructure transition. Cango and IREN led the capacity reduction, disconnecting 29.5 EH/s and 21.9 EH/s respectively, together representing 68% of the decline among public companies.
$BTC's Miner Position Index sits at -1.2, well below its yearly average.
Miners are holding supply back, even the August breakout only briefly spiked it to 2.8.
A spike above 2 means miners are selling again. Right now selling is subdued. pic.twitter.com/BipX3zvYr4
— Bitfinex (@bitfinex) September 7, 2026
That pivot created unusually heavy financial strain. Spending by the six largest infrastructure providers on repurposing data centers for artificial intelligence exceeded their current operating revenue by nearly 15 times, creating a cash gap that pushed miners to sell Bitcoin during summer rallies. August’s selling surge now looks increasingly like a temporary financing event rather than a lasting change in treasury behavior. During Bitcoin’s August advance, the Miner Position Index briefly climbed to 2.8, a level associated with widespread profit-taking as operators raised funds to cover the extraordinary cost of new equipment and infrastructure commitments.
Miner Selling Dries Up After AI Spending Peak
Once the main AI equipment purchases were financed, however, miner behavior changed abruptly. Fresh September on-chain data showed the Miner Position Index collapsing to -1.2, well below its annual average, while transfers from miner wallets to exchanges nearly dried up. The reversal suggests one of Bitcoin’s recurring sources of exchange supply has suddenly weakened at a potentially important moment. Instead of continuing to liquidate mined coins, major operators appear to have settled into a holding posture, reducing immediate sell-side pressure after the capital-intensive AI transition forced unusually aggressive monetization during the previous month’s market strength.
That shift does not erase the transformation underway across the mining sector. Cipher, Riot, TeraWulf and CleanSpark also recorded hashrate declines as companies redirected resources, while the industry absorbed more than $30 billion in AI-related infrastructure spending. Bitcoin’s emerging supply squeeze is therefore tied to a structural business pivot rather than a simple change in market sentiment. With the Miner Position Index now deeply negative and exchange flows from miners reduced, the immediate effect is a tighter stream of mined Bitcoin reaching trading venues, as operators wait for more favorable prices before resuming significant sales.
