#bitcoin #BTC #mining #market #electricity #cost The following is a translation of post on Telegram in other language. FYI One reason for the Bitcoin crash (from a peak of $126k to $90k) is the rising cost of electricity in key Bitcoin mining countries. Miners are selling off their Bitcoin holdings and repurposing their farms for AI services, which are proving to be more profitable than Bitcoin mining. Electricity accounts for 70–80% of Bitcoin mining costs. In ERCOT (Texas), the largest mining hub in the United States, average wholesale electricity prices rose by 18% year-on-year in Q3 2025. In Northern Virginia, home to both large mining operations and hyperscale cloud regions, prices jumped by 13% over the same period. In just the first two weeks of November, U.S. miners moved approximately 71,000 Bitcoin to exchanges, following another 210,000 Bitcoin transferred in October. This is one of the highest monthly figures since the 2022 bear market. Several major public miners have openly acknowledged this shift. Marathon Digital sold part of its October and November mining output to cover operational expenses, while Core Scientific and Iris Energy signed multi-year contracts to host AI applications. In September, Bitfarms announced its intention to fully exit cryptocurrency mining by 2027 and transition its entire 341-megawatt capacity portfolio to high-performance computing. This shift is financially rational: AI hosting contracts typically offer 70–80% EBITDA margins and multi-year revenue visibility, compared to the volatility of Bitcoin mining. The implications for the Bitcoin market are clear: more coins are flowing into exchanges at a time when retail and institutional demand is declining.