Tech • IA • Crypto
The End of Bitcoin Miners?
9/10TL;DR
The surge in artificial intelligence demand is driving cryptocurrency miners to abandon Bitcoin for more profitable data center services, reshaping the computing and energy markets.
KEY POINTS
Mass shift from Bitcoin mining to AI
Cryptocurrency mining firms are rapidly pivoting toward artificial intelligence infrastructure as demand for computing power surges. Facilities once dedicated to Bitcoin are being repurposed into data centers serving companies like OpenAI, Google, and Microsoft. This transition reflects a broader shift where compute power has become a critical industrial resource.
Core Scientific’s dramatic turnaround
Core Scientific, once bankrupt in 2022, illustrates the trend. After restructuring, the company secured over $10 billion in contracts by April 2026, with more than two-thirds of its revenue now tied to AI. Its market valuation rebounded to حوالي $8.5 billion, highlighting investor confidence in the pivot.
Bitcoin mining economics under pressure
Mining profitability has tightened due to rising costs and periodic price declines. With Bitcoin around $75,000, production costs range between $65,000 and $75,000 per coin, leaving thin or negative margins. The halving mechanism, which cuts rewards every four years, further compresses revenues, forcing operators to seek alternatives.
AI contracts far more lucrative
Publicly listed mining companies have signed roughly $70 billion in AI-related deals. In many top firms, AI already accounts for 30% of revenue, projected to reach 70% by 2027. Investors reward this shift, valuing AI infrastructure firms at 12–15 times revenue, compared to 6–7 times for crypto miners.
Infrastructure, not hardware, is the key asset
The real value of former mining sites lies in energy access and readiness. These locations already have grid connections, cooling systems, land permits, and high الكهرباء capacity. Building a new data center can take 3 to 7 years, making existing facilities extremely attractive for AI expansion.
Energy becomes the central bottleneck
The AI boom is straining power supply. In the United States alone, about 2,000 GW of energy projects are awaiting development, roughly double current capacity. Tech firms are securing energy sources directly, including deals to revive nuclear plants, underscoring the strategic importance of electricity.
Hybrid models and grid flexibility
Some companies maintain hybrid operations, switching between Bitcoin mining and AI workloads depending on profitability. Mining offers flexibility through “demand response,” allowing operators to shut down during peak الكهرباء demand. In 2023, Riot Platforms earned $31 million by powering down during a Texas heatwave—more than it would have made mining.
Record Bitcoin sales to fund transition
In Q1 2026, public miners sold حوالي 32,000 BTC, not for survival but to finance AI expansion. Companies like Riot even liquidated holdings to acquire land and build AI-focused infrastructure, with immediate positive reactions in stock markets.
Emergence of AI-native infrastructure giants
Firms such as CoreWeave, originally crypto miners, have fully transitioned. Now operating 43 data centers with 250,000 GPUs and $67 billion in contracts, they serve major AI clients. Their rapid rise highlights how early crypto infrastructure provided a foundation for the AI economy.
Limited risk to Bitcoin network stability
Short-term reductions in mining power can slow transaction processing, as seen when 10–15% of global capacity went offline during a Texas storm in January 2026. However, Bitcoin’s difficulty adjustment mechanism stabilizes the network within weeks. Even significant declines have historically been absorbed without lasting damage.
Long-term uncertainty tied to future halvings
Future halvings, including the next expected in 2028, could intensify pressure on miners if prices do not rise sufficiently. While the network remains robust today, sustained migration to AI could gradually reduce participation, making it a key metric to monitor.
CONCLUSION
The rapid redirection of crypto mining infrastructure toward artificial intelligence reflects a deeper shift in the global economy, where energy access and computing power are becoming the most valuable assets in the digital age.