Bitcoin miners are facing significant challenges as the traditional four-year halving cycle loses relevance. According to executives at a recent conference, profitability now hinges on access to low-cost energy and diversifying operations beyond bitcoin mining. Factors like the rising demand for ETFs and AI infrastructure are reshaping the industry. Companies such as Cleanspark, Terawulf, and Marathon, are exploring alternative revenue streams, including AI data centers. Cleanspark has begun monetizing power, while Terawulf has secured a $6.7 billion deal with Google to repurpose its infrastructure for data center space. Patrick Fleury from Terawulf highlighted that the average cost to mine one bitcoin can exceed $60,000, eating into margins as electricity costs rise. Despite these pressures, some companies like IREN still operate profitably by maintaining low operational costs and efficient energy use. Ultimately, executives agree that power has become the new currency in the mining industry, with the future potentially seeing bitcoin play a more integral role in energy systems.

Source đź”—