Bitcoin miners pivot to AI and HPC

New research from VanEck reveals a significant shift among Bitcoin miners towards artificial intelligence (AI) and high-performance computing (HPC) to enhance profitability, according to Matthew Sigel, head of digital assets research at VanEck, miners are increasingly leveraging AI/HPC to create new revenue streams through strategic arbitrage. VanEck estimates a potential $38 billion net present value opportunity by converting 20% of mining capacity to AI/HPC by 2027, according to Dailyhodl.

The report highlights that Bitcoin miners, with their substantial energy resources, are well-positioned to meet the high energy demands of AI projects. This synergy offers miners an immediate opportunity to support the expanding AI/HPC data center market, where access to power is increasingly valuable.

VanEck’s data also shows that publicly traded Bitcoin miners control a record percentage of the network’s hashrate, even as their market cap reached an all-time high in July. However, despite this strong performance, the MarketVector Digital Asset Equity Index, which tracks major digital asset companies, has underperformed against Bitcoin by 3,800 basis points since the crypto market correction in August. VanEck suggests that investors might be overlooking a potential growth opportunity in these stocks, particularly in the context of the AI pivot.