Public Bitcoin miners reduced their realized hashrate by 15% over six months, shutting down about 56 EH/s of computing capacity as they redirected resources toward high-performance computing and artificial intelligence infrastructure. Cango and IREN accounted for 68% of the capacity decline among public companies, disconnecting 29.5 EH/s and 21.9 EH/s, respectively, during the first half of the year. The transition cost more than $30 billion overall and initially forced miners to sell Bitcoin to fund supercomputer and AI-equipment purchases, briefly lifting the Miner Position Index (MPI) to 2.8 during Bitcoin's August surge. After the main purchases were funded, selling subsided. Bitfinex data for September 2026 showed the MPI at -1.2, well below its annual average, indicating that transfers from miners' wallets to exchanges had nearly dried up and miners were holding coins while awaiting more favorable prices.