Bitcoin miners are speeding up their shift to AI and computing power services

Public Bitcoin Miners Lose $19K Per Coin, Pivot Hard to AI and HPC

The math isn't working out for public bitcoin miners. They're losing roughly $19,000 for every bitcoin they mine. So what's the move? A sharp pivot to AI and high-performance computing (HPC).

CoinShares reports that public miners have now announced over $70 billion in AI and HPC contracts. The numbers are staggering. Just the expanded partnership between CoreWeave and Core Scientific is worth $10.2 billion over 12 years. TeraWulf has locked in $12.8 billion in HPC contract revenue. Hut 8 signed a $7 billion, 15-year AI infrastructure lease for its River Bend site. And Cipher Digital inked a multi-billion-dollar deal with Google-backed Fluidstack.

By the end of 2026, AI could account for as much as 70% of public miners' revenue. Right now, it's around 30%. Core Scientific already gets 39% of its total revenue from AI hosting. TeraWulf is at 27%. IREN sits at 9%.