Bitcoin Miners Explore AI Integration as a Potential Revenue Stream Amid 2024 Halving Challenges

Key Points

1. Core Scientific transitioned to AI infrastructure post-bankruptcy, securing a $3.5 billion hosting agreement with CoreWeave, which helped stabilize revenues despite a decline in Bitcoin mining income.

2. Hut 8 launched Highrise AI, deploying over 1,000 Nvidia H100 GPUs, balancing Bitcoin mining with AI ventures, and increasing its hashrate by 79% while maintaining a substantial Bitcoin treasury.

3. Mid-tier miners like Iren and Hive are expanding into AI, with Iren securing AI contracts and Hive tripling its AI and HPC hosting revenue to $10.1 million, aiming for $100 million by 2026.

4. Riot and Marathon Digital (MARA) are exploring AI and HPC to diversify, with Riot converting part of its Texas facility for HPC and MARA piloting HPC sites, though AI revenue streams remain nascent.

5. Canaan diverged from the industry trend by closing its AI chip division to focus exclusively on Bitcoin mining hardware, holding just 2.1% of the global ASIC market.