Bitcoin Miners Pivot to AI, Which Could Generate Up to 70% of Revenue
Summary
- CoinShares said AI and high-performance computing (HPC) could account for as much as 70% of Bitcoin mining companies' revenue by the end of 2026, up from about 30% now.
- It said listed Bitcoin miners including Core Scientific, TeraWulf, Cipher Mining and Hut 8 have announced contracts with a cumulative value of $70 billion as they expand their AI data-center businesses using existing mining infrastructure.
- CoinShares said AI infrastructure offers structurally higher and more stable returns even as Bitcoin mining profitability remains weak, making it economically rational to reallocate power and capital to AI and HPC businesses.
Forecast Trend Report by Period
Bitcoin miners are rapidly shifting their focus to AI data centers, according to an analysis cited by Wu Blockchain on August 28.
CoinShares projects that AI and high-performance computing, or HPC, could account for as much as 70% of total revenue at Bitcoin mining companies by the end of 2026, up from about 30% now.
The firm pointed to power-grid bottlenecks in the US AI data-center industry as a key driver.
"Publicly listed miners could generate up to 70% of total revenue from AI by year-end," CoinShares wrote, adding that what was once a secondary diversification strategy is increasingly becoming a core business.
The cumulative value of AI and HPC-related contracts announced by listed Bitcoin miners has surpassed $70 billion. Core Scientific, TeraWulf, Cipher Mining and Hut 8 are expanding their AI data-center businesses by using existing mining infrastructure.
CoinShares said Bitcoin mining profitability remains depressed, while 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, it added.
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