Crypto
Mining Firms Abandon Bitcoin for AI as Hash Rate Plunges 21%
The cryptocurrency mining industry is undergoing significant transformation as companies pivot towards artificial intelligence (AI) and high-performance computing. According to Woofun AI, this shift has resulted in valuation premiums of up to 100 times for mining firms embracing AI.
Riot Platforms secured a landmark $9.1 billion deal with Anthropic, propelling its stock price from around $3 to $20.
Meanwhile, Bitcoin's hash rate has dropped by 21% amid price declines, but experts predict that if the cryptocurrency rebounds to $126,000, traditional mining could see a turnaround.