Bitcoin miners that redirected their power infrastructure toward artificial intelligence and high-performance computing are winning higher valuations as the cryptocurrency bear market squeezes traditional operators. The shift draws on the same core assets: access to cheap electricity, large data centers and teams able to maintain specialized equipment.
The contrast is visible in the market. TerraWulf, IREN and Cipher Digital, early adopters of the AI strategy, have more than doubled over the past year, while MARA Holdings, which moved later, has fallen 40%. CoinShares data puts AI and HPC-focused miners at an average 12.3 times enterprise value, versus 5.9 times for pure-play Bitcoin miners. The sector had accumulated $70 billion in AI and HPC contracts by the end of the first quarter.
Bitcoin mining could regain momentum if prices recover. Hashprice, the daily revenue for a petahash per second of mining power, has dropped from $63 last July to about $31.80, while network hashrate declined roughly 21% to 900 exahashes per second. CoinShares estimates that a return to Bitcoin’s $126,000 record could lift hashprice to about $59, restoring the economics of mining.
https://www.coindesk.com/business/2026/08/18/bitcoin-miners-ai-pivot-pays-off-but-mining-could-revive-with-one-twist