A growing number of companies previously dedicated to Bitcoin mining are shifting their focus toward artificial intelligence. These firms, which invested heavily in massive data centers and high-performance computing hardware to verify cryptocurrency transactions, are now leveraging their expertise in energy management and infrastructure to serve the AI industry.
The transition is largely driven by the fluctuating value of Bitcoin, which reached a peak of approximately $124,000 in October 2025 before experiencing a sharp decline. While the cryptocurrency has seen a recent recovery, many firms view the pivot to AI as a more stable long-term strategy. Companies such as Core Scientific, Riot Platforms, Iris Energy, Bitdeer, and Hut 8 are among those diversifying their operations. Notably, Riot Platforms recently secured a 20-year, $9 billion compute agreement with AI firm Anthropic.
This shift is also reflected in corporate branding. Firms like Applied Blockchain have rebranded to Applied Digital, and TerraWulf has transitioned its stated focus from Bitcoin mining to high-performance computing. In Kazakhstan, Enegix is also reorienting its infrastructure toward AI development. Chief executive Yerbolsyn Sarsenov stated that the company is moving toward artificial intelligence and planning to align its energy capabilities with the needs of the AI sector.
Industry experts suggest that the move is often irreversible due to the high costs of retrofitting facilities and the nature of long-term service contracts. Wolfie Zhao of The Energy Mag noted that once infrastructure is committed to GPU colocation leases, companies are unlikely to return to mining. However, some firms are pursuing a hybrid approach. Haris Basit, chief strategy officer at Bitdeer, indicated that his company intends to maintain a dual-purpose model, utilizing the flexibility of Bitcoin mining alongside the steady, long-term revenue provided by AI workloads.
Source: BBC News
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