Bitcoin Mining Goes Institutional – But Can It Survive Tariffs, AI Grid Wars, and Fee Collapse?

Key Points

1. Bitcoin mining has evolved into an infrastructure war, with major players like Riot Platforms pausing expansions and shifting focus to AI cloud services.

2. Institutional capital is increasing, but miners are squeezed by rising energy costs and competition from AI infrastructure.

3. Legacy ASIC hardware, such as the S19 generation, is becoming unprofitable due to high electricity costs and low hash prices.

4. Miners must balance debt, equity, and retained BTC while preparing for further pressure from AI, regulation, and energy costs.

5. The industry faces internal challenges like halving events and external competition, requiring tough decisions on scale and strategy.