Bitcoin miners diversify into AI, offsetting halving impacts and boosting revenues.
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Bitcoin Miners Turn to AI Amid Halving Challenges
As the Bitcoin halving event in April 2024 reduced block rewards to 3.125 BTC, many miners faced financial pressures. To counteract declining revenues, several mining firms have embraced artificial intelligence (AI) as a strategic pivot. This shift has provided a new revenue stream, proving crucial for some companies.
Core Scientific’s AI Transformation
Related: Canan's Growing North American Bitcoin Mining Operations with Hive
Core Scientific stands out as a notable success story among Bitcoin miners. After filing for Chapter 11 bankruptcy in late 2022, the company re-emerged in 2024, transitioning from a pure Bitcoin mining operation to a colocation service provider. This strategic shift included a $3.5 billion deal with CoreWeave to host high-performance computing (HPC) operations. Despite a drop in Q1 revenue to $79.5 million, the company has seen a resurgence in its stock value, buoyed by renewed acquisition talks with CoreWeave. [Nasdaq]
AI as a Supplementary Strategy
For companies like Hut 8, AI remains a supplementary strategy. In September 2024, Hut 8 launched its GPU-as-a-Service through Highrise AI, deploying over 1,000 Nvidia H100 GPUs. Despite a significant reduction in Bitcoin production, the company continues to expand its mining operations, recently raising $220 million to purchase new equipment. [Cointelegraph]
Related: Hive Blockchain Advances into Paraguay Market with Bitcoin Mining Expansion
AI Revenue Growth for Iren and Hive
Australian miner Iren and Hive have also seen growth in AI revenue. Iren, formerly Iris Energy, began purchasing Nvidia GPUs in early 2024, leading to a 33% increase in AI cloud revenue by mid-2025. Similarly, Hive, after rebranding in 2023, has invested heavily in AI infrastructure, generating $10.1 million from AI and HPC hosting in 2025, a threefold increase from the previous year. [GlobeNewswire]
Challenges and Future Prospects
Related: Hive Blockchain Technologies Plans Massive Bitcoin Mining Expansion in Paraguay
While Riot Platforms and MARA Holdings are exploring AI and HPC, their substantial Bitcoin holdings allow them to approach diversification cautiously. Riot’s Corsicana facility in Texas is poised to attract future AI clients, although no major contracts have been signed yet. Meanwhile, MARA’s immersion cooling system showcases its readiness for dense compute workloads, including AI. [Riot Platforms]
Conclusion
As Bitcoin miners navigate the financial challenges posed by halving events, AI has emerged as a viable alternative revenue stream. While not all miners have fully transitioned, those who have embraced AI are finding it a valuable addition to their business models, offering a buffer against the volatile nature of cryptocurrency mining.
Emily brings a decade of expertise in blockchain technology and decentralized finance (DeFi). She specializes in market trends and regulatory developments, providing in-depth analyses that resonate with seasoned investors and beginners alike. With a background in financial journalism, she is dedicated to bringing clarity to the fast-paced world of crypto.
