Bitcoin Miners AI Pivot Doubles Valuations Despite Bitcoin’s 45% Price Drop
Bitcoin’s price has been sliding for months, but you wouldn’t know it by looking at the miners who bet on artificial intelligence instead of pure crypto mining. The bitcoin miners AI pivot that started quietly a few years ago has turned into one of the more consequential capital-allocation stories in the crypto-adjacent stock market, rewarding companies that redirected their power infrastructure toward AI and high-performance computing while pure-play miners watch their margins shrink.
Key takeaways
- Miners with AI and HPC contracts trade at 12.3 times enterprise value, versus just 5.9 times for pure-play bitcoin miners, according to CoinShares.
- Bitcoin’s price has dropped 45% in eight months, squeezing mining profit margins across the industry.
- Hashprice, the expected daily revenue per unit of mining power, fell from $63 to about $31.80 per PH/s over the past year.
- Bitcoin’s network hashrate dropped 21%, from 1.14 ZH/s to 900 EH/s, as unprofitable miners shut down machines.
- CoinShares tallied $70 billion in cumulative AI and HPC contracts secured by miners by the end of the first quarter, and the pace has only picked up since.
Bitcoin miners’ pivot to AI and HPC transforms valuations
Miners that redirected their power infrastructure toward AI and HPC now command far richer valuations and steadier revenue outlooks than companies that stayed focused solely on mining bitcoin. That divergence has become one of the clearest signals in crypto markets this year, and it explains why some mining stocks have thrived even as bitcoin itself has struggled.
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