In the past two months, a series of actions by leading mining company Riot have attracted market attention. Data shows that the company sold a total of 2,201 Bitcoins in November and December, causing its holdings to drop from a high level to 18,005 coins.

Specifically, in November, Riot sold 383 Bitcoins when the market price was approximately $37 million; by December, the selling pace significantly accelerated, with a total reduction of 1,818 Bitcoins in that month, corresponding to a $161.6 million exit scale. What underlying logic is behind this substantial reduction in holdings?

Some analysts point out that this capital did not flow into traditional finance or other cryptocurrencies but instead shifted towards AI infrastructure development. In other words, miners are facing a dilemma—continue to stick with Bitcoin mining operations or cut some hash power to embrace the AI wave. This industry shift reflects a re-evaluation by the entire crypto ecosystem participants regarding future growth drivers.