Crypto asset manager CoinShares said the migration of Bitcoin miners toward AI has reached a stage that may be difficult to reverse, even if the native Bitcoin mining business sees a recovery. According to the firm, at least 35 EH/s of hash rate is already planned to leave publicly listed mining companies. CoinShares specifically said that IREN, a listed Bitcoin miner, plans to exit by the end of the year, while Cipher could follow by the end of 2027. The comment points to a continued reallocation of mining-related infrastructure away from traditional Bitcoin-focused operations and toward AI-oriented use cases, based on CoinShares’ assessment.
Crypto asset manager CoinShares said Bitcoin miners’ shift toward AI has reached a point where it may be difficult to reverse, even if the native Bitcoin business recovers.
The firm said at least 35 EH/s of hash rate is planned to leave publicly listed mining companies. Among them, listed Bitcoin miner IREN plans to exit by the end of the year, while Cipher could follow by the end of 2027.
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