The companies that built Bitcoin's mining infrastructure are selling their BTC and converting to AI data centers. Worth paying attention to.

Not trying to be alarmist here but this is a real structural shift and I don't see it discussed much. For the first time in six years, Bitcoin's network hashrate went down in Q1 2026. Not because of a price crash. Because the biggest publicly traded miners are doing the math and realizing AI pays 5 to 10 times more per megawatt than Bitcoin mining does right now. Core Scientific has a $10.2 billion contract with CoreWeave. TeraWulf's entire development pipeline is HPC now. These aren't fringe operators. These are the companies that built the industrial-scale infrastructure that secures the network. The security model question is real. Bitcoin works because attacking the network costs more than the potential gain. That cost is denominated in hashrate, which is denominated in energy, which is denominated in whoever is willing to run the machines. If the best-capitalized operators in the world find a better use for their megawatts, the security budget math changes. The counterargument is that this makes mining more decentralized, which is probably true. But decentralized and secure are not the same thing. Full analysis here: https://bigcoinreport.com/analysis/great-hashrate-hijack-ai-bitcoin-security-2026 What's the actual bull case that the fee market develops fast enough to keep Tier-1 operators in the game long term?