Market maker, Wintermute, has warned that many Bitcoin miners are struggling to turn a profit this market cycle due to diminishing returns and may need to pivot to artificial intelligence hosting or generate yields. The company argues that Bitcoin mining is a "structurally rigid business model" and that while the AI pivot is a compelling one, it is also a "drastic and capital-intensive step". This comes as mining company MARA Holdings is considering selling some of its BTC to focus on AI, while publicly listed miners have sold over 15,000 Bitcoin since October. Wintermut also highlighted that miners are collectively holding close to 1% of the total BTC supply, suggesting that active balance sheet management is an underutilized lever for miners.