Public Bitcoin miners have reduced their realized hashrate (computing power securing the network) by 15% over six months, shutting down about 56 EH/s. 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 industry says the reductions reflect a deliberate shift toward high-performance computing and AI infrastructure rather than capitulation. That transition has cost more than $30 billion, while the six largest infrastructure providers have spent nearly 15 times their current operating revenue on the shift. The spending initially forced miners to sell Bitcoin during summer rallies, lifting CryptoQuant's Miner Position Index (MPI), a measure of miner transfers to exchanges, to 2.8 during Bitcoin's August surge. After major AI-equipment purchases were funded, selling subsided. Bitfinex on-chain 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. The report characterizes the episode as a one-time selling wave and says miners are now holding their coins while waiting for more favorable prices, tightening available market supply.