Bitcoin Miners Likely to Stay in AI Sector Despite Price Recovery

Bitcoin miners are unlikely to return to their former ways even if the cryptocurrency's price recovers, according to a report from CoinShares. In fact, the firm expects that the exodus of publicly traded bitcoin miners to the artificial intelligence infrastructure sector will continue.

The report notes that several operators have already committed their power and infrastructure to AI, with leases lasting upwards of 15 years. As an example, Core Scientific paid nearly $42 million to cancel an agreement for 15 EH/s of next-gen mining hardware.

A total of at least 35 EH/s of computing power is scheduled to leave the publicly listed group of miners, equivalent to roughly 4.7% of Bitcoin's current 750 EH/s network hashrate.