Miners Abandon Bitcoin for AI and High-Performance Computing

The mining industry is undergoing significant changes as listed miners reduce their capacities and redirect their resources toward high-performance computing (HPC) and artificial intelligence (AI). According to a study by Blocks Bridge Consulting, the realized hash rate of monitored miners declined by 21.2% over six months, excluding Bitdeer's growth.

Bitdeer is an exception in this trend, with its realized hash rate increasing by 44% between the fourth and second quarters, reaching 63 EH/s. This growth can be attributed to the company's reliance on its own SEALMINER production chain.

Other miners, such as Core Scientific and TeraWulf, are also shifting their focus toward HPC colocation, with Core Scientific deriving a large share of its revenues from this activity in the second quarter. This trend is driven by reduced mining profitability and increased competition for electricity and capital.