Bitcoin Miners Explore AI Integration as a Potential Revenue Stream Amid 2024 Halving Challenges

• Bitcoin mining firms are increasingly pivoting to artificial intelligence (AI) to offset revenue declines following the 2024 halving event, reshaping their business models amid evolving market dynamics.

• While some miners have embraced AI as a core growth strategy, others treat it as a supplementary revenue stream, balancing traditional Bitcoin production with emerging high-performance computing (HPC) opportunities.

• According to COINOTAG, Core Scientific’s strategic shift to AI hosting has been pivotal in its recovery, exemplifying how diversification can sustain mining companies through industry downturns.

Explore how Bitcoin miners are leveraging AI to navigate post-halving challenges, with insights on key players, revenue impacts, and strategic pivots in 2024-2025.

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Core Scientific’s AI Transformation: A Blueprint for Mining Resilience

Core Scientific stands out as a prime example of a Bitcoin mining firm that successfully leveraged AI to revive its business after facing severe financial distress. Following its Chapter 11 bankruptcy filing in late 2022, the company reemerged in early 2024 with a renewed focus on colocation services tailored for AI workloads. This strategic pivot included a landmark 12-year, $3.5 billion hosting agreement with CoreWeave, a major player in high-performance computing (HPC).

Despite a significant revenue decline from $179.3 million in 2023 to $79.5 million in Q1 2024, Core Scientific’s transition to AI infrastructure has provided a vital revenue cushion. The company’s ability to capitalize on the growing demand for AI compute capacity, coupled with a rebound in Bitcoin prices, has underpinned its stock performance and positioned it for future growth. Renewed acquisition talks with CoreWeave further underscore the market’s confidence in this AI-driven turnaround.

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Hut 8’s Balanced Approach: Sustaining Bitcoin Mining While Expanding AI Services

Hut 8 exemplifies a measured approach to integrating AI within a predominantly Bitcoin-focused business model. The launch of Highrise AI in September 2024 marked a significant step, deploying over 1,000 Nvidia H100 GPUs to offer GPU-as-a-Service solutions. This initiative aligns with a five-year fixed-payment and revenue-sharing agreement, providing a stable income stream amid tightening Bitcoin mining margins post-halving.

While Bitcoin production decreased from 716 BTC in 2023 to 167 BTC in Q1 2025, Hut 8’s strategic investments have increased its hashrate by 79%, reflecting a long-term commitment to mining efficiency. The company’s substantial Bitcoin treasury of 10,273 BTC further strengthens its financial position. Notably, Hut 8’s majority-owned subsidiary, American Bitcoin, secured $220 million to expand mining equipment purchases, highlighting ongoing confidence in Bitcoin mining’s viability alongside AI ventures.

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Emerging AI Revenue Streams Among Mid-Tier Miners: The Cases of Iren and Hive

Mid-tier miners such as Iren (formerly Iris Energy) and Hive are progressively generating meaningful revenue from AI-related activities, signaling a broader industry trend toward diversification. Iren’s acquisition of Nvidia GPUs and its first AI contract in early 2024 marked the beginning of its AI expansion, with deployments reaching approximately 4,300 GPUs by mid-2025. Concurrently, its Bitcoin mining output increased to 1,514 BTC in Q3 fiscal 2025, demonstrating balanced growth.

AI cloud revenue for Iren rose 33% to $3.6 million, supported by infrastructure developments including a liquid-cooled AI data center in Texas and a purpose-built facility in British Columbia. However, the company faces reputational risks due to a class-action lawsuit alleging investor misinformation about facility readiness.

Hive’s rebranding and strategic focus on Nvidia-powered compute clusters since mid-2023 have yielded substantial progress. With over 5,000 GPUs deployed by mid-2025 and a $30 million investment in Quebec, Hive’s AI and HPC hosting revenue tripled to $10.1 million in fiscal 2025, constituting nearly 9% of total revenue. The company aims to surpass $100 million in AI revenue by 2026, reflecting strong growth ambitions.

Top Miners Preparing for a Post-Mining Future: Riot Platforms and MARA Holdings

Leading Bitcoin miners Riot Platforms and MARA Holdings are proactively exploring AI and HPC to diversify beyond traditional mining. Riot’s early 2025 initiative to convert up to 600 megawatts at its Corsicana, Texas facility into HPC infrastructure demonstrates a strategic shift, although no major AI contracts have been secured yet. The site’s scale and power capacity position Riot favorably for future hyperscaler partnerships.

Financially, Riot remains robust, mining 1,530 BTC and generating $142.9 million in Q1 2025 revenue, driven by higher Bitcoin prices and increased hashrate. Its Bitcoin treasury of 19,225 BTC ranks it as the fourth-largest corporate holder globally.

MARA, with the largest Bitcoin treasury among miners at 50,000 BTC, has rebranded its strategy toward “edge computing,” integrating immersion cooling technology (MARA 2PIC700) for dense compute workloads. Pilot HPC sites launched in early 2025 highlight MARA’s commitment to this transition, though recurring AI revenue streams remain nascent.

Canaan’s Contrarian Path: Exiting AI to Focus on ASIC Mining Hardware

Contrasting with the broader industry trend, ASIC manufacturer Canaan announced in July 2025 the closure of its AI chip division, opting to concentrate exclusively on Bitcoin mining hardware. Holding just 2.1% of the global ASIC market, Canaan’s decision reflects a strategic focus on long-term resilience within North America rather than diversification into AI.

This move underscores the varied responses within the mining sector to the evolving technological landscape, with some companies doubling down on core competencies while others embrace AI-driven transformation.

Conclusion

The 2024 Bitcoin halving has catalyzed a significant strategic realignment among mining firms, with AI and HPC emerging as critical avenues for revenue diversification. Companies like Core Scientific and Hive illustrate the potential of AI pivots to stabilize and grow revenues, while established miners such as Riot and MARA cautiously prepare for a future where mining may no longer be the sole focus. Conversely, Canaan’s retreat from AI highlights the sector’s heterogeneous approaches to innovation and risk management. As the industry evolves, stakeholders should monitor these developments closely to understand how AI integration will shape the future of Bitcoin mining.