{"id":95210,"date":"2026-03-13T16:47:57","date_gmt":"2026-03-13T13:47:57","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=95210"},"modified":"2026-03-13T17:58:04","modified_gmt":"2026-03-13T14:58:04","slug":"wintermute-declares-traditional-bitcoin-mining-model-obsolete","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/wintermute-declares-traditional-bitcoin-mining-model-obsolete\/","title":{"rendered":"Wintermute Declares Traditional Bitcoin Mining Model Obsolete"},"content":{"rendered":"

Bitcoin miners are widely encountering losses due to declining profitability. To survive, they must either switch to AI hosting or learn to manage bitcoin reserves as working capital, according to Wintermute<\/a>.<\/p>\n

Structural Crisis in the Business Model<\/h2>\n

For the first time in a four-year cycle, digital gold has not yielded double profits, which usually offset the decline in income after the halving<\/a>. The peak gross margin coincided with levels previously characteristic of a bear market bottom.<\/p>\n

Fees are unable to cover costs\u2014they account for about 1% of the companies’ total revenue. Miners also continue to face consistently high energy costs.<\/p>\n

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Daily transaction fees for miners and the share of fees in their total income. Source: Wintermute.<\/figcaption><\/figure>\n

Passive Holding as a Legacy of the HODL Era<\/h2>\n

According to Wintermute, miners collectively control about 1% of the total bitcoin supply. Analysts call this the “legacy of the HODL era,” noting that the full arsenal of treasury management remains practically unused.<\/p>\n

Traditionally, tools for generating income in the crypto market were limited to staking<\/a> and the DeFi sector. However, experts have proposed a broader toolkit for miners:<\/p>\n