Bitcoin Miners & AI: A 2025 Update
Bitcoin Miners and Their AI Pivot: A 2025 Perspective
The 2024 Bitcoin halving, reducing block rewards to 3.125 BTC, spurred many miners to explore artificial intelligence (AI) as a new revenue stream. Some cautiously tested the waters, while others made significant investments, repurposing equipment and securing substantial deals. Let's examine the outcomes for several key players.
Success Story: Core Scientific
Core Scientific's journey exemplifies a successful AI pivot. After emerging from Chapter 11 bankruptcy in early 2024, the company transitioned from solely Bitcoin mining to providing colocation services for AI firms. A pivotal moment was their $3.5 billion, 12-year deal with CoreWeave in June 2024. Although Q1 2025 revenue ($79.5 million) was lower than the previous year, this was attributed to the halving and the shift to AI. Renewed acquisition talks with CoreWeave in late June 2025 significantly boosted Core Scientific's stock price.
AI as a Supplemental Revenue Stream
For many miners, AI remains a secondary revenue source.
Hut 8: Balancing Bitcoin and AI
Hut 8 launched its GPU-as-a-Service offering through Highrise AI in September 2024, deploying over 1,000 Nvidia H100 GPUs. While their Q1 2025 Bitcoin mining output (167 BTC) was significantly lower than the previous year, the company highlights a 79% increase in hashrate as a result of strategic investment. Hut 8 continues to prioritize its Bitcoin operations; this is evident in its majority-owned subsidiary, American Bitcoin, recently raising $220 million for mining equipment purchases.
Iren and Hive: Growing AI Revenue
Iren and Hive demonstrate a successful integration of AI and mining. Iren, initially purchasing Nvidia GPUs in early 2024, now deploys roughly 4,300 GPUs. While Q3 fiscal year 2025 Bitcoin mining yielded 1,514 BTC, AI cloud revenue saw a 33% increase to $3.6 million. Hive, having rebranded in mid-2023, invested $30 million in GPUs in December 2024. Their 2025 fiscal year saw AI and HPC hosting revenue reach $10.1 million, accounting for nearly 9% of total revenue.
Major Miners and Their Long-Term Strategies
Riot Platforms and Marathon Digital Holdings (MARA), holding significant Bitcoin treasuries, are strategically positioning themselves for a future beyond mining. Riot is evaluating the conversion of 600 megawatts at its Corsicana facility for high-performance computing, while MARA is focusing on its immersion cooling system and edge computing strategies. Neither has yet secured substantial AI contracts, but their substantial Bitcoin holdings provide financial stability.
Canaan's Divergent Path
Unlike many of its competitors, ASIC manufacturer Canaan recently shut down its AI chip division in July 2025. Focusing on its core mining hardware business, Canaan is pursuing a different approach to long-term growth.
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