Bitcoin Miners to Rely Heavily on AI for Revenue
Bitcoin miners are rapidly shifting their focus to AI data center operations, driven by power-grid bottlenecks in the US AI data center industry. According to CoinShares, these companies could derive as much as 70% of revenue from AI and high-performance computing (HPC) by year-end, up from around 30% currently.
The cumulative value of AI- and HPC-related contracts at publicly traded Bitcoin miners including Core Scientific, TeraWulf, Cipher Mining, and Hut 8 has exceeded $70 billion. These companies are expanding their AI data center businesses using existing mining infrastructure.
CoinShares notes that while Bitcoin mining profitability remains weak, AI infrastructure offers structurally higher and more stable returns. For operators with scalable power capacity and existing data center infrastructure, reallocating capital and electricity to AI and HPC is an economically rational choice.