Bitcoin Miners Abandon Crypto Roots for AI

Bitcoin miners are rapidly shifting their focus from cryptocurrency mining to artificial intelligence infrastructure. According to CoinShares, publicly listed Bitcoin miners will generate approximately 70% of their combined revenue from AI by December.

This represents a significant pivot for the industry, driven in part by the brutal quarter experienced by miners. Hashprice, which measures daily revenue per petahash, has fallen to around $29, levels last seen after the April 2024 halving.

More than $70 billion in cumulative AI and high-performance computing contracts have been announced across the public mining sector. Companies such as Core Scientific, TeraWulf, and Hut 8 have aggressively expanded their presence in the AI market, with some signing multi-billion dollar deals.