INSUBCONTINENT EXCLUSIVE:
Bitcoin miners turned to the rising AI trend ahead of the 2024 halving, which cut block rewards to 3.125 Bitcoin (BTC).Some just dipped
out in reality? In some instances, the move has been a lifeline that generates much-needed revenue as their Bitcoin earnings dropped
firms since their AI pivot.AI pivot saved this Bitcoin minerCore Scientific is among the biggest revival stories for Bitcoin miners whose AI
pivot saved its struggling business.Core Scientific is among the rare miners whose stock has soared since the April 2024 halving
Source: NasdaqThe company filed for Chapter 11 bankruptcy in late 2022
It emerged in early 2024 to relist on the Nasdaq, then shifted from a pure Bitcoin miner to a colocation service provider by leasing out
Scientific reported its Q1 revenue fell to $79.5 million, down from $179.3 million a year earlier
It cited the Bitcoin halving reward slash and the operational shift to HPC hosting as the primary reasons for the revenue drop
price?In late June 2025, CoreWeave resumed talks to acquire Core Scientific, following a failed $1-billion buyout attempt in 2024
took real shape in September 2024, when the company formally launched its GPU-as-a-Service offering through a new subsidiary, Highrise
cloud-based AI compute services
The launch came with a five-year fixed-payment and revenue-share deal as revenues for Bitcoin miners tightened following the April 2024
halving event.Hut 8 continues expanding its Bitcoin business despite quarterly loss
Though the company posted a quarterly net loss of $134.3 million, its CEO, Asher Genoot, said its financial performance was a result of
deliberate investments that resulted in a 79% increase in its hashrate
model as the company continues to expand its Bitcoin business
Most recently, American Bitcoin, a majority-owned subsidiary of Hut 8, announced a $220-million raise to purchase Bitcoin mining equipment
Sons of US President Donald Trump are among the founders of American Bitcoin, of which Hut 8 acquired a majority stake in the firm in late
even if mining still dominates their books.In early 2024, Australian miner Iren (formerly Iris Energy) began purchasing Nvidia GPUs
By February, it had signed its first AI contract powered by 248 GPUs
As of mid-2025, the company has deployed around 4,300 GPUs
alongside its Bitcoin production
Source: IrenMeanwhile, AI cloud revenue climbed 33% to $3.6 million
The company is also preparing a liquid-cooled AI data center in Texas and a purpose-built site in British Columbia, Canada, capable of
housing up to 20,000 GPUs
However, a class-action lawsuit filed in October 2024 alleged Iren misled investors about the readiness of its Texas facility.Related:
Bitcoin hashrate down 15%, 26 firms add BTC to balance sheets: June in chartsHive began its AI shift in mid-2023 with a rebrand from Hive
Blockchain and a focus on Nvidia-powered compute clusters
After small-scale early deployments, Hive invested $30 million in December 2024 to roll out GPUs in Quebec, Canada
That now makes up nearly 9% of total revenue.Hive targets $100 million in AI revenue in 2026
largest names in Bitcoin mining, but both are now laying the groundwork for a post-mining future.Riot began exploring AI and HPC workloads
in early 2025, launching a formal evaluation to convert up to 600 megawatts at its Corsicana, Texas facility into high-performance
The shift came with a pause on further Bitcoin mining buildout at the site
Source: BitcoinTreasuries.NETRiot remains financially strong in Bitcoin
Riot attributed the gain to higher Bitcoin prices and increased operational hashrate
It also holds 19,225 BTC, making it the fourth-largest corporate Bitcoin holder globally.MARA holds the largest Bitcoin treasury among
miners and is second only to MicroStrategy among all public companies with 50,000 BTC.In March 2024, MARA revealed its MARA?2PIC700, an
immersion cooling system designed for dense compute workloads, including AI and crypto mining
ditched AIWhile many Bitcoin mining firms are leaning into AI and high-performance computing, ASIC manufacturer Canaan is heading in the
