Bitcoin Miners Could Derive Up to 70% of Revenue From AI by Year-End

Bitcoin miners are rapidly shifting their focus to AI data center operations, according to an analysis published Aug. 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 this year, up from about 30% now, Wu Blockchain reported.

The firm cited power-grid bottlenecks in the US AI data center industry as a key driver.

"Publicly listed miners could generate as much as 70% of total revenue from AI by year-end," CoinShares said. AI, once a secondary diversification strategy, is increasingly becoming a core business, it added.

The cumulative value of AI- and HPC-related contracts announced by publicly traded Bitcoin miners has exceeded $70 billion. Core Scientific, TeraWulf, Cipher Mining and Hut 8 are expanding their AI data center businesses using existing mining infrastructure.

Bitcoin mining profitability remains weak, while AI infrastructure offers structurally higher and more stable returns, CoinShares said. For operators with scalable power capacity and existing data center infrastructure, reallocating capital and electricity to AI and HPC is an economically rational choice, the firm said.