Introduction to Bitcoin Miners’ AI Pivot
Bitcoin miners have been exploring the rising trend of Artificial Intelligence (AI) ahead of the 2024 halving, which reduced block rewards to 3.125 Bitcoin (BTC). This move has been a lifeline for some, generating much-needed revenue as their Bitcoin earnings dropped, while for others, it’s a safety net to cushion future halving shocks.
How the AI Pivot is Working Out
Some miners have only dipped their toes into AI, while others have dove deeper, repurposing rigs, raising credit, and signing billion-dollar deals. The outcome of this pivot varies among the biggest crypto mining firms. For instance, Core Scientific, one of the rare miners whose stock has soared since the April 2024 halving, filed for Chapter 11 bankruptcy in late 2022 but emerged in early 2024 to relist on the Nasdaq. The company shifted from a pure Bitcoin miner to a colocation service provider by leasing out data centers to AI firms, signing a 12-year, $3.5-billion deal with CoreWeave in June 2024.
Core Scientific’s Revival
Core Scientific reported its Q1 revenue fell to $79.5 million, down from $179.3 million a year earlier, citing the Bitcoin halving reward slash and the operational shift to HPC hosting as the primary reasons for the revenue drop. However, a surge in Bitcoin’s price since the halving has offset some of the losses. In late June 2025, CoreWeave resumed talks to acquire Core Scientific, following a failed $1-billion buyout attempt in 2024, which sent Core Scientific’s stock soaring.
AI as a Side Hustle
For most Bitcoin miners, AI remains a side hustle. Hut 8’s AI ambitions took shape in September 2024 with the launch of its GPU-as-a-Service offering through a new subsidiary, Highrise AI. The company deployed over 1,000 Nvidia H100 GPUs to drive its cloud-based AI compute services, coming with a five-year fixed-payment and revenue-share deal as revenues for Bitcoin miners tightened following the April 2024 halving event. By Q1 2025, Hut 8’s Bitcoin mining had produced 167 BTC, down from 716 BTC the year before, though the company posted a quarterly net loss of $134.3 million.
Growing Revenue from AI
Bitcoin miners like Iren and Hive are starting to see meaningful revenue from AI, even if mining still dominates their books. Iren began purchasing Nvidia GPUs in early 2024 and signed its first AI contract powered by 248 GPUs. By mid-2025, the company had deployed around 4,300 GPUs, with AI cloud revenue climbing 33% to $3.6 million. Hive started its AI shift in mid-2023 with a rebrand and a focus on Nvidia-powered compute clusters, investing $30 million in December 2024 to roll out GPUs in Quebec, Canada. By mid-2025, it had over 5,000 units deployed, generating $115.3 million in revenue, with $10.1 million from AI and HPC hosting.
Top Bitcoin Miner Treasuries
Riot Platforms and MARA Holdings, two of the largest names in Bitcoin mining, are laying the groundwork for a post-mining future. Riot began exploring AI and HPC workloads in early 2025, launching a formal evaluation to convert up to 600 megawatts at its Corsicana, Texas facility into high-performance infrastructure. MARA holds the largest Bitcoin treasury among miners and is second only to MicroStrategy among all public companies with 50,000 BTC. In March 2024, MARA revealed its MARA 2PIC700, an immersion cooling system designed for dense compute workloads, including AI and crypto mining.
The Miner that Ditched AI
While many Bitcoin mining firms are leaning into AI and high-performance computing, ASIC manufacturer Canaan is heading in the opposite direction. In July 2025, the company announced it was shutting down its AI chip division, focusing squarely on mining hardware and pursuing long-term resilience in North America.
Conclusion
The pivot to AI by Bitcoin miners has shown varied outcomes, with some finding it to be a lifeline and others viewing it as a safety net for future halving shocks. As the crypto mining landscape continues to evolve, the success of this pivot will be crucial for the survival and prosperity of these companies. Whether AI becomes a mainstay or a temporary measure, its impact on the future of Bitcoin mining will be significant.
