Bitcoin Miners Repurpose Infrastructure for AI Ahead of Halving

The declining block rewards following the April 2024 Bitcoin halving have prompted many mining firms to pivot towards AI computing, utilizing existing GPU-rich rigs to generate alternative revenue streams. From survival tactics to strategic diversification, this shift is reshaping the landscape for major miners.

Core Scientific: A Lifeline Transformed into a Relisting

Bankrupt Bitcoin miner Core Scientific filed for Chapter 11 in late 2022 but emerged from restructuring in early 2024, shifting focus to colocation services. Signing a $3.5-billion deal with CoreWeave was a pivotal move. However, Q1 2025 revenue plummeted ($79.5M vs. $179.3M previously) due to the reward cuts and focus shift, despite Bitcoin’s price recovering. Renewed acquisition talks with CoreWeave sent the company’s stock surging.

Screenshot depicting Core Scientific's stock performance.

Core Scientific stock performance since April 2024 halving and restored acquisition talks.

Hut 8: Expanding the Footprint

Though still grappling with significant Bitcoin revenue declines post-halving (down to 167 BTC mined in Q1 2025 from 716 BTC previously), Hut 8 launched a dedicated AI subsidiary, Highrise AI, deploying over 1,000 Nvidia H100 GPUs. CEO Asher Genoot noted a 79% increase in network hashrate despite quarterly losses, attributing this to strategic investments. Hut 8 continues to expand its Bitcoin treasury, announcing a $220M subsidiary raise for Bitcoin equipment purchases.

Iren & Hive: Building a Growing AI Revenue Stream

Several miners report AI contributing a larger proportion of their overall operations. Iren purchased Nvidia GPUs early 2024 and now offers cloud-based AI compute services powered by thousands (approx. 4,300) of GPUs, driving a 33% increase in AI cloud revenue compared to the prior year. Hive initiated its AI shift in mid-2023, deploying over 5,000 GPUs by mid-2025, generating nearly 9% of its $115.3M revenue in Q2 FY 2025 from AI & HPC hosting, up significantly from the preceding year.

Financial statement image mentioning Iren's AI growth.

Iren’s exploration of AI growth alongside Bitcoin production.

Chart or statement showing Hive's AI revenue targets.

Hive’s strategic growth target for AI revenue.

A Future Beyond Mining: Riot & MARA Position for Growth

Ten miners hold significant Bitcoin treasuries (over 100 BTC each) tracked by BitcoinTreasuries.NET, but firms like Riot Platforms and MARA (also known as Can Blockchain) are aggressively pivoting towards AI/HPC. Riot repurposing 600MW of its Texas facility for high-performance workloads, while MARA’s $335M development focuses on 2-PICA immersion cooling systems for dense compute (including AI) and operates pilot HPC sites. Their substantial Bitcoin reserves underpin this transition but haven’t yet yielded strong immediate AI contract revenue.

Data visualization showing top Bitcoin corporate holders.

Ten public Bitcoin minings companies’ holder position visualized.

Diverging Paths: Canaan Ditches AI Hardware

ASIC manufacturer Canaan took an opposing route, deciding to shutter its AI division in early 2025, citing the niche size of its 2.1% global market share. What remains is its focus on mining hardware, though this represents a minority allocation compared to main manufacturers like Bitmain. This contrasts with fellow Bitcoin treasury holder MicroBT, focusing purely on mining while holding the largest BTC stash on this list.