70% of top Bitcoin miners are already using AI income to survive bear market

A significant shift is occurring among top Bitcoin miners, with seven of the top ten now generating revenue from AI or high-performance computing (HPC) initiatives, while the remaining three are planning similar moves. This strategy pairs miners' existing infrastructure, like land and power connections, with contracted revenue from GPU customers, creating a crucial secondary business line that offers more predictable cash flows than relying solely on ASIC mining. Major players like TeraWulf have secured long-term hosting agreements (e.g., 10-year deals with Fluidstack, partially backed by Google), setting a benchmark revenue of around $1.85 million per MW per year, which often surpasses estimated gross mining revenue per MW. Other firms, including Core Scientific, Bitdeer, and Iris Energy, are actively expanding or operating AI cloud businesses. This realignment is driven by the massive projected demand for data center power due to AI workloads, making miners' existing grid access and land scarce inputs for AI campuses. Consequently, enterprise value is increasingly tied to contracted AI megawatts and revenue per MW rather than just hashrate growth, potentially flattening the rate of Bitcoin network hashrate expansion as power capacity is diverted to GPUs.

(Source：CryptoSlate)