November Profit Crisis: 70% of Top Miners Pivot to $20B AI Market

November 2025 saw Bitcoin mining profitability collapse due to surging hashrates and falling BTC prices (around $81,000), leading to payback periods exceeding 1,200 days. This crisis has driven a major industry shift, with 70% of top mining companies now generating significant revenue from artificial intelligence infrastructure, as AI hosting yields are about 50% higher per megawatt than traditional mining. Major players are accelerating this pivot; for example, Bitfarms plans to phase out mining entirely by 2026 to focus on HPC data centers, while IREN secured a $9.7 billion GPU cloud computing deal with Microsoft. This strategic shift is supported by massive capital restructuring, including zero-interest convertible note issuances by companies like CleanSpark and TeraWulf, and huge equipment procurement deals for NVIDIA GPUs. Concurrently, regulatory actions are polarized, with crackdowns on illegal mining in Malaysia and Russia, contrasted by supportive measures in Japan and Belarus. Despite the short-term revenue squeeze, leading miners are strategically accumulating Bitcoin, signaling long-term confidence.

(Source：BeInCrypto)