Mining is no longer about printing money: Bitdeer and the industry's great shift

What does mining mean for big companies like Bitdeer today? It’s no longer about accumulating Bitcoin as a long-term investment. Recently, Bitdeer—a leading global mining company—announced it would sell all its Bitcoin reserves, dropping from 2,000 BTC in December 2025 to zero BTC, sending a clear message: the mining business model is at a crossroads.

Mining is a romantic image, but Bitdeer sees a different truth

For the first time, Bitdeer announced it has no Bitcoin on its balance sheet after liquidating all newly mined yields and 943 BTC of strategic reserves. This wasn’t a quick decision but a gradual process over recent months. Weekly, the amount of Bitcoin mined and held has steadily decreased until there’s nothing left.

This figure is notable because it defies the industry’s psychological trick. Typical miners sell part of their revenue to cover electricity, personnel, and operational costs. But they always keep some—an emergency fund, a trust base—to bet on Bitcoin’s future. Bitdeer has completely eliminated that trust.

From mining to Bitcoin storage, now… bridging into AI

This shift isn’t a sign of failure but a calculated survival strategy. The reality is clear: profit margins from mining have shrunk. Energy costs are rising, mining difficulty is increasing, and hashprice (revenue per hash unit) is no longer as feasible as before. When your business becomes less sustainable, you need to rebalance your portfolio.

But Bitdeer isn’t just walking away—they’re investing in new areas. The company recently announced raising $300 million to redirect capital into:

• AI infrastructure
• Large-scale data centers
• Next-generation mining hardware development

This isn’t a company leaving the game; it’s a company changing how to play. They’re saying: why should all our capital depend on Bitcoin mining profitability when we can build infrastructure that earns regardless of market prices?

Two types of miners, two completely different philosophies

This divide is shaping the industry’s future. Today, miners fall into two groups:

Group 1: Companies that believe Bitcoin mining is a long-term investment, holding Bitcoin like digital gold. Marathon—one of the biggest names—continues to accumulate Bitcoin with massive reserves. They bet on Bitcoin’s value increasing in the future.

Group 2: Operators who see Bitcoin as inventory, a product to sell and optimize cash flow. Bitdeer clearly places itself in this group, prioritizing building a more diversified economic system.

Both strategies aren’t necessarily wrong, but they reflect two different views on the role of mining in Bitcoin’s future.

Mining is entering a new era, and Bitdeer is leading

Most would call this a bearish signal: “Miners are selling—market will decline.” But the picture is more complex. This could be a sign of the final stage of the mining cycle—not about price, but about the business model.

The era of “easy” mining—just cheap electricity and hardware—is over. Today’s mining requires large capital, is profit-margin sensitive, and demands fierce competitiveness. Those who evolve to adapt will survive.

Bitdeer isn’t broken—they’re transforming. The question is: do they know something the rest of the industry hasn’t figured out? Or have they simply recognized a common trend early?

As a popular saying goes: even the backbone must give way under pressure. Bitdeer has adjusted, evolved, and sought survival in a changing mining industry. Is that resilience… or desperation… we’ll find out soon.