Bitcoin miners turned to the rising AI pattern forward of the 2024 halving, which lower block rewards to three.125 Bitcoin (BTC).
Some simply dipped their toes in, whereas others dove deeper, repurposing rigs, elevating credit score and signing billion-dollar offers.
However how’s that spinoff figuring out in actuality? In some situations, the transfer has been a lifeline that generates much-needed income as their Bitcoin earnings dropped. For others, it’s extra of a security web that may cushion future halving shocks.
Right here’s a take a look at what’s occurred to the largest crypto mining companies since their AI pivot.
AI pivot saved this Bitcoin miner
Core Scientific is among the many greatest revival tales for Bitcoin miners whose AI pivot saved its struggling enterprise.
The corporate filed for Chapter 11 chapter in late 2022. It emerged in early 2024 to relist on the Nasdaq, then shifted from a pure Bitcoin miner to a colocation service supplier by leasing out information facilities to AI companies. It signed a 12-year, $3.5-billion cope with CoreWeave in June 2024 to host CoreWeave’s high-performance computing (HPC) operations.
Core Scientific reported its Q1 income fell to $79.5 million, down from $179.3 million a yr earlier. It cited the Bitcoin halving reward slash and the operational shift to HPC internet hosting as the first causes for the income drop. A surge in Bitcoin’s value because the halving has offset among the losses.
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In late June 2025, CoreWeave resumed talks to amass Core Scientific, following a failed $1-billion buyout try in 2024. Information of the renewed negotiations despatched Core Scientific’s inventory hovering.
AI stays a facet hustle for many Bitcoin miners
Hut 8’s AI ambitions took actual form in September 2024, when the corporate formally launched its GPU-as-a-Service providing via a brand new subsidiary, Highrise AI.
The pivot noticed Hut 8 deploy over 1,000 Nvidia H100 GPUs — specialised chips broadly used for coaching and working AI fashions — to drive its cloud-based AI compute companies. The launch got here with a five-year fixed-payment and revenue-share deal as revenues for Bitcoin miners tightened following the April 2024 halving occasion.
By Q1 2025, the corporate’s Bitcoin mining had produced 167 BTC, down from 716 BTC the yr earlier than. Although the corporate posted a quarterly web lack of $134.3 million, its CEO, Asher Genoot, mentioned its monetary efficiency was a results of deliberate investments that resulted in a 79% improve in its hashrate. It additionally holds 10,273 BTC, which is the ninth-largest publicly listed company Bitcoin treasury.
AI stays a small a part of Hut 8’s enterprise mannequin as the corporate continues to develop its Bitcoin enterprise. Most not too long ago, American Bitcoin, a majority-owned subsidiary of Hut 8, introduced a $220-million increase to buy Bitcoin mining gear. Sons of US President Donald Trump are among the many founders of American Bitcoin, of which Hut 8 acquired a majority stake within the agency in late March.
AI is a rising income pie for these Bitcoin miners
Bitcoin miners like Iren and Hive are beginning to see significant income from AI, even when mining nonetheless dominates their books.
In early 2024, Australian miner Iren (previously Iris Power) started buying Nvidia GPUs. By February, it had signed its first AI contract powered by 248 GPUs. As of mid-2025, the corporate has deployed round 4,300 GPUs. In Q3 fiscal yr 2025 (ended March 31), Iren mined 1,514 BTC, up from 1,232 BTC the earlier quarter.
In the meantime, AI cloud income climbed 33% to $3.6 million. The corporate can be making ready a liquid-cooled AI information middle in Texas and a purpose-built web site in British Columbia, Canada, able to housing as much as 20,000 GPUs. Nevertheless, a class-action lawsuit filed in October 2024 alleged Iren misled buyers in regards to the readiness of its Texas facility.
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Hive started its AI shift in mid-2023 with a rebrand from Hive Blockchain and a give attention to Nvidia-powered compute clusters. After small-scale early deployments, Hive invested $30 million in December 2024 to roll out GPUs in Quebec, Canada. By mid-2025, it had over 5,000 items deployed.
For its 2025 fiscal yr, Hive generated $115.3 million in income, with $10.1 million — triple the prior yr — from AI and HPC internet hosting. That now makes up practically 9% of complete income.
High Bitcoin miner treasuries aren’t the perfect performers
Riot Platforms and MARA Holdings are two of the biggest names in Bitcoin mining, however each are actually laying the groundwork for a post-mining future.
Riot started exploring AI and HPC workloads in early 2025, launching a proper analysis to transform as much as 600 megawatts at its Corsicana, Texas facility into high-performance infrastructure. The shift got here with a pause on additional Bitcoin mining buildout on the web site. Riot hasn’t signed any main AI contracts but, however its Corsicana web site — spanning 355 acres and finally able to dealing with 1 gigawatt of energy — positions it properly to draw hyperscaler purchasers sooner or later.
Riot stays financially sturdy in Bitcoin. In Q1 2025, it mined 1,530 BTC, producing $142.9 million in mining income — double its Q1 2024 income of $71.4 million. Riot attributed the achieve to larger Bitcoin costs and elevated operational hashrate. It additionally holds 19,225 BTC, making it the fourth-largest company Bitcoin holder globally.
MARA holds the biggest Bitcoin treasury amongst miners and is second solely to MicroStrategy amongst all public firms with 50,000 BTC.
In March 2024, MARA revealed its MARA 2PIC700, an immersion cooling system designed for dense compute workloads, together with AI and crypto mining. By mid-2024, the agency rebranded its broader technique as an “edge computing” play.
By early 2025, MARA started piloting two HPC take a look at websites, every dealing with round 30 megawatts utilizing its 2PIC700 cooling system.
The pivot hasn’t but translated into main contracts or recurring money flows for each Bitcoin producers, however their Bitcoin stability reveals why they’re not determined to diversify AI enlargement.
The Bitcoin miner that ditched AI
Whereas many Bitcoin mining companies are leaning into AI and high-performance computing, ASIC producer Canaan is heading in the wrong way. In July 2025, the corporate introduced it was shutting down its AI chip division.
With simply 2.1% of the worldwide ASIC market, Canaan stays a small participant in comparison with Bitmain or MicroBT.
By focusing squarely on mining {hardware} and pursuing long-term resilience in North America, it’s carving a definite path in a sector in any other case enamored with AI.
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