I just saw that analysts downgraded several major Bitcoin miners HIVE, Bitfarm, and Bitdeer, mainly because these companies face uncertainties in shifting toward AI and HPC computing. It seems miners want to diversify their businesses, but the market's confidence in this shift is still insufficient.

Interestingly, this shift appears to be forced. As competition in Bitcoin mining becomes more intense, profit margins from mining alone are shrinking, so many miners are turning their attention to AI and high-performance computing, aiming to leverage existing infrastructure. But analysts clearly see risks in this strategy.

This signal is worth paying attention to, as it may reflect anxiety across the entire mining industry. If large miners are betting on an AI transition, competition in this sector could become even more fierce.