Bitcoin mining companies are increasingly shifting their focus and resources toward Ethereum amid concerns over Bitcoin's diminishing block rewards and the sustainability of its mining incentives. BTC Digital, a Bitcoin mining firm, recently announced a full pivot to Ethereum, converting all its Bitcoin reserves into Ethereum and raising $6 million to accumulate more ETH. This move marks the fifth Bitcoin mining company to make such a transition in recent months. Industry observers highlight that Bitcoin's heavy reliance on issuance subsidies poses an existential threat to miners, particularly smaller ones, as on-chain fundamentals deteriorate. Meanwhile, Ethereum is experiencing accelerated institutional inflows and higher exchange volumes, further incentivizing miners to pivot their operations and treasuries toward ETH.