Bitcoin Miners Abandon Mining for Lucrative AI Data Centers

Bitcoin miners are shifting their focus from mining to building AI data centers due to higher earning potential. According to MARA CEO Fred Thiel, AI data centers earn significantly more per unit of power compared to Bitcoin mines.

AI data centers cost between $10 million and $15 million per megawatt to build, which is 10-15 times the cost of building a Bitcoin mine. The higher returns are driving banks to finance these projects.

Thiel emphasized that the math behind this pivot is clear: 'It's about $1 million a megawatt all-in, between infrastructure and compute, to build a Bitcoin mining site. The AI site, just the infrastructure without compute, is $10 to $15 million a megawatt.'