[REVISION HISTORY]

Bitcoin miners pivot to AI infrastructure

Updated 23 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-16 09:12 UTC → 2026-09-24 01:32 UTC · added ~~removed~~

By ~~mid-September~~ late September 2026, the strategic pivot of the Bitcoin mining sector toward artificial intelligence (AI) and high-performance computing (HPC) has ~~intensified, driven by a widening profitability gap. While the network hashrate remains significantly below historical trends, the shift~~ accelerated. This transition is ~~increasingly dictated~~ driven by the ~~superior returns~~ high value of AI existing electrical grid connections and the significant profitability gap between workloads. ~~A CoinShares report indicates that one megawatt of power dedicated to~~ AI ~~infrastructure generates~~ tenants can generate approximately $1.5 million ~~in annual profit,~~ per megawatt annually, roughly three times the $500,000 generated by Bitcoin mining. This economic pressure is compounded by rising production costs; in the second quarter, major public miners spent an average of $75,500 to produce a single Bitcoin, even as market prices fluctuated around $58,400, forcing some operations to run at a loss. This transition is prompting major Major industry players are now securing massive, long-term contracts to ~~actively reconfigure~~ leverage their ~~hardware strategies. For example,~~ power infrastructure for AI hyperscalers. Core Scientific ~~reportedly paid $41.9 million to cancel an order for 15 EH/s of new mining hardware to prioritize the shift toward~~ has signed a $10.2 billion, 12-year contract with CoreWeave, while IREN secured a deal with Microsoft valued at approximately $9.7 billion over five years. Other companies are seeing rapid revenue shifts; TeraWulf reported that HPC leases accounted for ~~AI. This follows a period~~ 71% of ~~massive capital expenditure by the industry, where~~ its second-quarter revenue. Hybrid and long-term leasing strategies are also emerging. Riot Platforms is pursuing a ~~group of 15 operators invested $30.7~~ hybrid model with a 20-year lease at its Rockdale facility expected to produce $9.1 billion in ~~assets during recent reporting periods, reflecting~~ base rent, and Hut 8 has secured multiple 15-year leases valued between $7 billion and $9.8 billion each. These developments underscore a broader trend of where miners ~~viewing electricity~~ view their established power purchase agreements and data center infrastructure as more ~~valuable~~ lucrative assets for AI than for exclusive Bitcoin mining.

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