MARA sold 15,133 BTC at an average price of $72,689, with a cost basis of $80,900, incurring a loss of $236 million before authorizing the liquidation of the remaining 53,822 coins to shift toward AI data centers.


Pure mining stocks are valued at 1x book value, while AI infrastructure is valued at 10-25x.
Shifting from mining to AI computing per megawatt is a rational capital allocation.
Miner reserves have dropped to 1.8 million BTC, the lowest since 2018.
Production costs are $80k-$88k, BTC price is $71k, each mined coin loses $9k-$17k
.
Key signal: When MARA or RIOT transfer >500 BTC to exchanges, the price usually drops 2-5% within 48 hours.
BTC1.11%
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