Bitcoin Miners Pivot to AI Amid Weak Mining Economics

Bitcoin miners are redirecting their power capacity towards artificial intelligence (AI) and high-performance computing (HPC) contracts due to weak mining economics. As a result, those with AI and HPC contracts are being valued at 12.3 times enterprise value, compared to 5.9 times for pure-play Bitcoin miners.

The decline in Bitcoin's price has led to a decrease in hashprice, which fell from $63 per petahash per second (PH/s) in July 2025 to about $31.80. CoinShares estimates that if Bitcoin returns to its October record near $126,000, hashprice could rise to around $59 per PH/s, improving mining returns.

Some miners are cutting capacity or seeking other revenue streams as mining returns deteriorate. However, others have seen significant growth, with shares of TeraWulf, IREN, and Cipher Digital more than doubling over the past year.