Bitcoin Miners’ AI Gamble Pays Off (Sort Of)

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So, you know how everyone’s been freaking out about AI? 🤖 Yeah, well, Bitcoin miners were all over that trend last year, ahead of the 2024 halving, which cut block rewards to 3.125 Bitcoin (BTC). Because, you know, who needs actual Bitcoin when you can just…pivot? 🤑

Some miners just dipped their toes in, while others went all in, repurposing rigs, raising credit, and signing billion-dollar deals. I mean, who wouldn’t want to get in on that sweet, sweet AI action? 🤑

But, you know, how’s that working out in reality? Well, for some, it’s been a lifeline, generating much-needed revenue as their Bitcoin earnings dropped. For others, it’s more of a safety net, cushioning future halving shocks. Because, you know, who doesn’t love a good safety net? 🌟

Let’s take a look at what’s happened to the biggest crypto mining firms since their AI pivot. Because, you know, it’s always fun to watch people try to make money off of trends. 🤑

Core Scientific: The AI Pivot That Saved the Day

Core Scientific is like the ultimate comeback kid. They filed for Chapter 11 bankruptcy in late 2022, but then they emerged in early 2024, relisted on the Nasdaq, and shifted from a pure Bitcoin miner to a colocation service provider. They even signed a 12-year, $3.5-billion deal with CoreWeave to host their high-performance computing (HPC) operations. Talk about a pivot! 🔄

But, you know, it’s not all sunshine and rainbows. Core Scientific reported a Q1 revenue drop to $79.5 million, down from $179.3 million a year earlier. They blamed the Bitcoin halving reward slash and the operational shift to HPC hosting. But, hey, at least they’re trying, right? 🤷‍♂️

And, in late June 2025, CoreWeave resumed talks to acquire Core Scientific, following a failed $1-billion buyout attempt in 2024. Because, you know, who doesn’t love a good acquisition drama? 🤯

Hut 8: AI as a Side Hustle

Hut 8 is like the miner who’s all, “Oh, yeah, I’ll just do a little AI on the side.” They formally launched their GPU-as-a-Service offering through a new subsidiary, Highrise AI, in September 2024. And, hey, it’s not like they’re going all in or anything. 🤑

They deployed over 1,000 Nvidia H100 GPUs to drive their cloud-based AI compute services. And, yeah, it’s not like they’re making a ton of money off of it or anything. But, hey, at least they’re trying, right? 🤷‍♂️

By Q1 2025, their Bitcoin mining had produced 167 BTC, down from 716 BTC the year before. But, hey, at least they’re still making money, right? 🤑

Iren and Hive: The AI Revenue Pie

Iren and Hive are like the miners who are all, “Oh, yeah, we’re gonna make a ton of money off of AI!” And, hey, maybe they will. 🤑

Iren began purchasing Nvidia GPUs in early 2024 and signed their first AI contract powered by 248 GPUs in February. And, yeah, it’s not like they’re making a ton of money off of it or anything. But, hey, at least they’re trying, right? 🤷‍♂️

Hive began their AI shift in mid-2023 with a rebrand from Hive Blockchain and a focus on Nvidia-powered compute clusters. And, hey, maybe they’ll make a ton of money off of it. 🤑

Riot Platforms and MARA Holdings: The Post-Mining Future

Riot Platforms and MARA Holdings are like the miners who are all, “Oh, yeah, we’re gonna pivot to AI and make a ton of money!” And, hey, maybe they will. 🤑

Riot began exploring AI and HPC workloads in early 2025 and launched a formal evaluation to convert up to 600 megawatts at their Corsicana, Texas facility into high-performance infrastructure. And, yeah, it’s not like they’re making a ton of money off of it or anything. But, hey, at least they’re trying, right? 🤷‍♂️

MARA holds the largest Bitcoin treasury among miners and is second only to MicroStrategy among all public companies with 50,000 BTC. And, hey, maybe they’ll make a ton of money off of AI. 🤑

Canaan: The Bitcoin Miner That Ditched AI

Canaan is like the miner who’s all, “You know what? Forget AI. We’re just gonna focus on mining hardware.” And, hey, maybe that’s not a bad idea. 🤑

They announced they were shutting down their AI chip division in July 2025. And, yeah, it’s not like they’re making a ton of money off of it or anything. But, hey, at least they’re trying, right? 🤷‍♂️

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2025-07-05 17:13