According to a report by Cointelegraph, market maker Wintermute stated in a blog post that Bitcoin miners are facing profitability challenges in the current market cycle due to reduced post-halving revenue and persistently high energy costs squeezing margins. The firm advised miners to actively manage their BTC holdings as yield-generating assets rather than holding them passively. Wintermute noted that miners collectively hold nearly 1% of the total BTC supply, describing it as a "historical relic of the HODL era," and emphasized that balance sheet management tools remain significantly undervalued. Specific strategies include monetizing market risk through derivatives structures, covered calls, and cash-secured puts, or deploying BTC into lending protocols to earn interest.