Publicly listed bitcoin miners are redirecting power capacity and data center infrastructure toward artificial intelligence and high-performance computing, according to a new report from CoinShares. The firm estimated that AI computing can generate annualized profit of about $1.5 million per megawatt, compared with roughly $500,000 per MW from bitcoin mining.
CoinShares said the shift is already visible in company operating data. Core Scientific paid $41.9 million to cancel orders for about 15 EH/s of next-generation mining machines. In CoinShares’ view, miner valuations may increasingly hinge on the value of power access and data center assets rather than hash rate alone.
Separate data from CryptoQuant showed that bitcoin mining companies with AI exposure have gained 21% this year, while those without AI initiatives have fallen 8%. CryptoQuant also said Core Scientific sold about 3,136 BTC this year, cutting its bitcoin reserves by more than 90%. JPMorgan analysts added that bitcoin briefly moved above their estimated production cost of about $85,000 this week after staying below that level for 280 consecutive days, a move they said could ease profitability pressure on miners and reduce the risk of forced selling.
Public bitcoin mining companies are reallocating power and data center resources to artificial intelligence and high-performance computing, according to a report from CoinShares.
AI economics are outpacing bitcoin mining
CoinShares estimated annualized profit from AI computing at about $1.5 million per megawatt, well above the roughly $500,000 per MW it estimated for bitcoin mining.
The report said the shift is already showing up in operating data. Core Scientific paid $41.9 million to cancel orders for about 15 EH/s of next-generation mining hardware.
Valuation focus may be moving away from hash rate
CoinShares said future valuations for mining companies may depend more on the value of their power resources and data center infrastructure than on hash rate scale alone.
Stock performance and treasury changes
CryptoQuant data showed that bitcoin miners with AI exposure are up 21% this year, while those without such exposure are down 8%.
At the same time, Core Scientific sold about 3,136 BTC this year, and its bitcoin holdings fell by more than 90%. CryptoQuant said some miners are shifting capital and infrastructure toward AI and high-performance computing businesses.
Production cost and miner selling pressure
JPMorgan analysts said bitcoin briefly rose above their estimated production cost of about $85,000 this week, after spending 280 consecutive days below that level.
The analysts said that if bitcoin stays above production cost, pressure on miner profitability could ease, lowering the risk that miners are forced to sell bitcoin.
They also said that as mining companies redirect some resources to AI computing, total bitcoin network hash rate is down about 19% from last year's peak.
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