Bitcoin miners sell BTC and shift capacity to AI

The more important story for investors, though, is that bitcoin mining is no longer being judged purely as a digital-asset production business. The market is assigning a higher value to sites, power contracts and grid access that can be repurposed for AI and high-performance computing. Shares of miners focused on AI use are up 21% year to date, while stocks tied to traditional bitcoin mining are down 8%. That valuation gap is underscored by trading multiples: AI-linked mining operations fetch about 12.9 times forward revenue, versus 3.7 times for traditional miners.

The shift is already showing up in company revenue mix. Core Scientific generated about $136.7 million from AI-related activity versus $21 million from bitcoin mining, while IREN posted $70.5 million in cloud-AI revenue, more than its $66.7 million bitcoin mining revenue. TeraWulf said it made $31.9 million from leasing HPC capacity. Those numbers suggest the most valuable part of the business may no longer be the hash rate itself, but the ability to monetize power at higher margins through data-center services.

That has implications for bitcoin’s supply dynamics and for the mining industry’s economics. If miners devote more megawatts to AI workloads, hash rate growth could slow, easing pressure on margins for operators that stay focused on bitcoin. It also means weaker bitcoin prices may matter less to some miners’ earnings over time if AI revenue becomes a larger offset. For investors, the winners are likely to be operators with secure power, existing facilities and the capital to build out AI capacity; the laggards are those reliant on bitcoin production alone.

The strategy is not without risk. AI conversions require substantial capital, customer demand can be cyclical, and access to power and permits remains a constraint. But the direction of travel is clear: miners are being re-rated as infrastructure owners, not just bitcoin producers, and that could reshape both the sector’s economics and the market’s view of its long-term value.