BBX: "Hashrate Clearance" and "AI Migration"—Bitdeer Enters the 9 J/TH Era as Mining Companies Sell Treasury Assets to Transform into HPC

According to BBX, yesterday global listed companies demonstrated an extremely ruthless realism in their approach to crypto treasuries and hardware infrastructure. Mining in 2026 will no longer be a bull market frenzy driven by blind expansion, but will instead evolve into a profound reshuffling centered on "extreme cost reduction" and "business migration": —Extreme hardware efficiency: Bitdeer Technologies Group (NASDAQ: $BTDR) launched the SEALMINER A4 series with 9.45 J/TH, reclaiming profit pricing power in the industry chain through its self-developed SEAL04 chip. —Business shift towards AI: MARA Holdings, Inc. (NASDAQ: $MARA), in partnership with traditional asset management and overseas data centers, is sparing no cost to convert mining farms into AI high-performance computing centers, causing structural loss of Bitcoin hashrate. —Network-wide hashrate contraction: In Q1 2026, network-wide hashrate recorded its first 4% decline in six years, signaling the complete end of the era of blindly deploying inefficient mining machines. —Treasury belief collapse: Riot Platforms, Inc. (NASDAQ: $RIOT) sold Bitcoin equivalent to 2.5 times its production, revealing the massive cash flow pressures faced by leading mining companies. —Compliance infrastructure moving downstream: Foundry Digital’s institutional-grade support for the Zcash (ZEC) mining pool shows traditional mining giants are searching for compliant high-margin alternative assets beyond Bitcoin. The market is clearly moving towards a dual trend of "involution in hashrate hardware manufacturing" and "fiat-ization of leading mining companies' balance sheets (AI transformation)." Source: bbx.com