Bitcoin miners have increasingly embraced artificial intelligence (AI) as a strategy in response to declining Bitcoin earnings ahead of the 2024 halving event. Firms like Core Scientific have turned to AI as a lifeline, successfully transitioning from pure Bitcoin mining to colocation services for AI companies. Core Scientific reported a revenue decrease but has seen stock gains due to renewed business strategies. Meanwhile, Hut 8 has launched AI cloud services with specialized hardware but continues to face financial losses from Bitcoin mining. Other miners, such as Iren and Hive, are beginning to reap profits from their AI ventures while still relying heavily on Bitcoin mining. Riot Platforms and MARA Holdings are exploring AI workloads but are cautious about fully committing, with Riot reporting significant mining revenues and possessing substantial Bitcoin treasuries. Conversely, ASIC manufacturer Canaan is distancing itself from AI, focusing solely on mining hardware to maintain stability in a shifting market. The landscape shows that while AI is becoming a growing revenue source, Bitcoin mining remains central for most firms.

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