Bitcoin Miners Shift Towards AI Trends Ahead of 2024 Halving

With the Bitcoin halving approaching in 2024, miners are adapting to the rising trends in artificial intelligence, reducing block rewards to 3.125 BTC.

Some miners are tentatively exploring AI, while others are repurposing existing equipment, ramping up their financial stakes, or even signing multi-million dollar deals. But how does this transition really play out? For some, it’s a crucial lifeline generating necessary income as Bitcoin revenues decline. Others seem to view it as a sort of safety net to cushion future disruptions.

Let’s examine the recent developments in one of the largest crypto mining companies following its pivot to AI.

Core Scientific’s AI Pivot

Core Scientific stands out as a significant success story among Bitcoin miners, revitalizing its operations amid challenges. After filing for Chapter 11 bankruptcy in late 2022, the company re-emerged early in 2024, relisting on NASDAQ. It shifted its focus from solely mining Bitcoin to offering colocation services, leasing data centers to AI firms. In June 2024, it inked a monumental contract valued at $3.5 billion over 12 years to host CoreWeave’s high-performance computing (HPC) operations.

However, Core Scientific’s first-quarter revenue plummeted from $179.3 million the previous year to $79.5 million, attributing this drop mainly to the BTC halving and its operational shift. Thankfully, a spike in Bitcoin prices lately has somewhat mitigated losses.

By late June 2025, CoreWeave resumed talks to acquire Core Scientific after a failed $100 million bid in 2024.

AI as a Side Venture for Many Miners

Hut 8 began exploring AI possibilities in September 2024, officially launching GPU-as-a-service through its Highrise AI subsidiary. The company deployed over 1,000 Nvidia H100 GPUs to power specialized AI services essential for model training and operations. Following the April halving, it faced revenue reductions, which prompted the signing of a fixed payment and revenue-sharing agreement.

By the first quarter of 2025, Hut 8’s Bitcoin mining yielded only 167 BTC, a significant decrease from 716 BTC in the prior year. They reported a net loss of $134.3 million, but CEO Asher Genoot explained that this was intentional, given a 79% increase in hashrate. Hut 8 now holds 10,273 BTC and ranks as one of the largest companies in the crypto sector.

Interestingly, Hut 8 continues to expand its Bitcoin operations. Recently, its majority subsidiary American Bitcoin announced a $220 million initiative to acquire more mining equipment. Notably, this subsidiary was partially founded by Donald Trump’s son, and Hut 8 obtained a majority stake in March.

AI Contributions to Revenue Growth

Companies like Aylen and Hive are starting to witness substantial income from AI, even while the mining sector still dominates the financial landscape. By early 2024, Australian miner Aylen (formerly Iris Energy) began securing Nvidia GPUs and signed its first AI contract by February with 248 units. By mid-2025, Aylen boasted around 4,300 GPUs, mining 1,514 BTC in the third quarter, up from 1,232 BTC previously.

AI cloud revenue for Aylen climbed 33%, reaching $3.6 million, supported by new data centers capable of housing 20,000 GPUs. However, a class-action lawsuit filed in October 2024 claimed Aylen misled investors about its Texas facility.

Hive also made a shift toward AI, focusing on branded solutions from its blockchain and Nvidia-powered computing clusters. A $30 million investment in December 2024 led to deployments in Quebec, totaling over 5,000 units by mid-2025. That year, Hive generated $115.3 million from AI and HPC hosting, marking a significant increase from the previous year, now representing nearly 9% of its total revenue.

Financial Outlook of Major Bitcoin Miners

Despite being key players, Riot Platforms and Mara Holdings appear to be laying the groundwork for a future beyond mining. Riot initiated an exploration of AI and HPC in early 2025, considering converting its Corsicana, Texas site into high-performance infrastructure. Currently, the project is on hold to allow for additional Bitcoin mining operations. Although Riot hasn’t secured major AI contracts yet, its Corsicana site has the potential to attract large clients in the future.

In the first quarter of 2025, Riot mined 1,530 BTC, generating $142.9 million in revenue, largely thanks to rising Bitcoin prices and an uptick in operational hashrate. The company possesses 19,225 BTC, making it the fourth largest corporate holder globally.

Mara boasts the largest Bitcoin treasury among miners, amounting to 50,000 BTC—just behind micro-strategies in the public market. In March 2024, Mara introduced the Mara 2Pic700 immersion cooling system for AI and crypto mining. By early 2025, the company tested HPC sites employing this cooling system, demonstrating strategic developments toward edge computing.

While the pivot has not translated into stable revenue streams yet, the substantial Bitcoin reserves indicate that neither Riot nor Mara feels pressured to push for rapid AI expansion.

One Miner Shifting Away from AI

Contrasting the trend, ASIC manufacturer Canaan is stepping back from AI efforts. In July 2025, the company revealed plans to shut down its AI chip division, focusing instead on hardware mining for enduring resilience in North America. Holding only 2.1% of the global ASIC market, Canaan remains significantly smaller compared to industry leaders like Bitmain and Microbt.