AI Is Here, but That Doesn’t Mean Bitcoin Miners Are Finished: Blockspace
The post AI Is Here, but That Doesn’t Mean Bitcoin Miners Are Finished: Blockspace appeared on BitcoinEthereumNews.com.
Anyone paying attention to public bitcoin miner markets will know that artificial intelligence (AI) and business pivots to high performance compute (HPC) are all the rage among bitcoin miners. What started as a gradual trend last year has suddenly become a business strategy that many leading public bitcoin miners are exploring. This article first appeared on Blockspace Media, the leading Bitcoin industry publication dedicated to covering Bitcoin tech, markets, mining, and ordinals. Get Blockspace articles directly in your inbox by clicking here. Core Scientific, Bit Digital, Hut 8, Hive and IREN currently have revenue-generating AI/HPC business lines, while Crusoe Energy and Lancium, Cipher, Terawulf, Riot and Bitfarms are in the development or exploratory phase. With SoftBank, OpenAI and others collectively pledging up to $500 billion to accelerate AI developments in the United States through the Stargate Project, which was announced in January, where does the digital oil rush leave pure-play bitcoin miners? Kevin Dede, a managing director of equity research at investment bank H.C. Wainwright, thinks that there is plenty of room for both. In a recent episode of the Mining Pod’s Bitcoin Stock Show, Dede expressed that while he wouldn’t bet against miners who are serious about AI/HPC, he wouldn’t underestimate the prospects for pure-play bitcoin miners, either. Does the launch of Project Stargate change the conversation on AI pivots for bitcoin miners? I think the conversation changed when Core Scientific announced the CoreWeave deal six to eight months ago. That really shifted the dynamic. Another thing people might not consider is that bitcoin miners can compete at different scales. Project Stargate is about hyperscale facilities, but there are opportunities for smaller-scale implementations. BitDigital and Applied Digital have shown that you don’t need hyperscale to succeed. There are many customers who want access to compute, and not all of…
Filed under: News - @ February 25, 2025 5:20 pm