In the lead-up to the 2024 halving, Bitcoin miners shifted their focus to AI to counter challenging conditions. Companies like Core Scientific and Hut 8 signed billion-dollar deals and launched new services to enhance revenues amid dwindling Bitcoin earnings.
Core Scientific successfully pivoted to AI colocation services post-bankruptcy, signing a $3.5 billion deal with CoreWeave. This strategy provided a much-needed revenue boost, showcasing the potential of AI in expanding their business model.
While miners like Iren and Hive are benefiting from increased AI revenue, others like Canaan are stepping back from AI initiatives. This divergence highlights the differing strategies within the industry as firms navigate the future of Bitcoin mining.
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