Bitcoin miners convert infrastructure to meet AI demand.
- Bitcoin miners are shifting some energy to AI.
- Billion-dollar contracts indicate a new revenue model.
- AI hosting reduces BTC selling pressure
Following the April 2024 halving, which reduced block rewards from 6,25 to 3,125 BTC, Bitcoin miners have been reshaping their business models to maintain profitability. With the price of hashing falling and energy costs fixed in dollars, industry giants are shifting part of their operations toward hosting artificial intelligence (AI) infrastructure, a market that promises stable cash flows and multi-year contracts in fiat currency.
Core Scientific signed an agreement with CoreWeave to provide 500 megawatts (MW) of capacity for US$8,7 billion over 12 years, while Cipher closed a US$3 billion contract with Fluidstack for 168 MW, guaranteed by Google. These agreements indicate a trend: transforming the energy and data centers previously dedicated to Bitcoin mining into high-performance computing (HPC) centers for AI.
The economic rationale is clear. Mining Bitcoin at $75 per petahash per day generates approximately $179 per megawatt-hour (MWh), with an average margin of $129 per MWh after energy costs. AI hosting, on the other hand, offers revenues between $139 and $208 per MWh, with long-term contracts and less exposure to BTC volatility. This predictability has attracted indebted miners or those with squeezed margins.
Companies like Riot Platforms, CleanSpark, and Bitdeer are following the same path, allocating part of their electrical capacity to AI clients and keeping the rest for mining. This diversification allows them to continue accumulating Bitcoin without needing to sell part of their reserves to cover operating expenses. Riot, for example, sold 465 BTC in September 2025, while CleanSpark increased its holdings to over 13.000 BTC, reinforcing the importance of cash management and treasury policy in times of low hash prices.
Analysts point out that partial conversion of capacity to AI can reduce Bitcoin selling pressure, preserving the supply balance in the market. On the other hand, excessive migration can decrease the global hashrate, temporarily affecting network security until difficulty adjustments stabilize the system. Even so, the hybrid model—part mining, part AI hosting—is emerging as the new dominant strategy in the sector.
With the growing demand for AI computing and the increasing value of colocation contracts, the best-positioned mining companies, with cheap energy and scalable infrastructure, are transforming into strategic digital infrastructure players — companies that both protect the blockchain and fuel the advancement of artificial intelligence.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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