Bitcoin miners turned to the rising AI trend leading 2024 halving, cutting the block rewards to 3.125 Bitcoin (Btc).
Some simply dip their toes, while others are deeper, repurposing rigs, increasing credit and signing billion dollars deals.
But how does spinoff work in reality? In some cases, the move is a lifeline that generates the necessary income as their income to bitcoin drops. For others, this is more than a safety net that can pill with the future stop of shocks.
Here’s a look at what happened to the largest crypto mining companies from their AI pivot.
AI pivot saves this bitcoin miner
The Core Scientific is among the biggest revival stories for Bitcoin miners whose AI Pivot has saved the difficult business.
The company has filed for Chapter 11 Losses In late 2022. It appeared in the early 2024 to Relist to NASDAQThen move from a pure bitcoin miner to a colocation service provider by leasing data centers to AI companies. It signed a 12-year, $ 3.5-billion deal with Coreweave In June 2024 to host the coreweave’s high-performance computing (HPC) operations.
Basic scientific reported Its Q1 revenue fell to $ 79.5 million, down from $ 179.3 million a year before. It noted the Bitcoin Halting Reward Slash and the operational shift in HPC hosting as the main reason for the income’s collapse. A climbing price of bitcoin because the division is to turn off some of the losses.
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In late June 2025, the Coreweave Continuing talks to get basic scientificFollowing a failed $ 1-billion purchase attempt in 2024. The news of the revised negotiations has sent a core scientific stock.
AI remains a hustle on the side for most Bitcoin miners
AI’s ambitions of Hut 8 GPU-as-a-Service offers By a new subsidiary, Highrise AI.
The Pivot saw the Hut 8 deployed more than 1,000 NVIDIA H100 GP- the specialized chips widely used for the training and operation of AI models-to encourage cloud-based cloud-based services. Launching comes with a five -year fixed payment and revenue sharing as revenues for Bitcoin miners who are tight following the April 2024 Halving Event.
By Q1 2025, the company’s bitcoin mining made 167 btcdown from 716 BTC last year. Although the company posted a quarterly net loss of $ 134.3 million, its CEO, Asher Genoot, said the financial performance was a result of deliberate investment that resulted in a 79% increase in its hashrate. It also holds 10,273 BTCs, which is the ninth largest public-listed Bitcoin Treasury.
AI remains a small portion of the Hut 8 business model as the company continues to expand the Bitcoin business. Most recently, American Bitcoin, a subsidiary owned by Hut 8, has announced a $ 220-million increase To buy Bitcoin mining equipment. The children of US president Donald Trump were among the founders of American Bitcoin, where Hut 8 acquired a majority stake at the firm in late March.
AI is a growing profit pie for this bitcoin miners
Bitcoin miners like Iren and Hive are beginning to see significant income from AI, even though mining is still dominant in their books.
In early 2024, Australian miner Iren (formerly Iris Energy) began buying Nvidia GPUs. In February, it has signed The first AI contract is strengthened by 248 GPU. Up to mid 2025, the company is na -Deploy Around 4,300 GPUs. In the Q3 Fiscal Year 2025 (completed on March 31), Iren mine a 1,514 BTC, from 1,232 BTC last quarter.
Meanwhile, AI Cloud revenue climb up 33% to $ 3.6 million. The company is also preparing a liquid-cooled AI Data Center in Texas and a site-developed site in British Columbia, Canada, capable of housing up to 20,000 GPUs. However, an action in the class lawsuit filed in October 2024 IRren said investors about the facility’s readiness in Texas.
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Hive started its AI shift in mid -2023 with a Rebrand from Hive Blockchain and a focus on clusters that compute with Nvidia strength. After a small scale of early deployment, Hive invested $ 30 million in December 2024 to launch GPUs in Quebec, Canada. By mid-2025, it had over 5,000 units deployed.
For 2025 years of fiscal, Hive formed $ 115.3 million income, with $ 10.1 million – triple last year – from AI and HPC hosting. Which now constitutes about 9% of total income.
Top Bitcoin Miner Treasury is not the best performers
Riot platforms and Mara Holdings are two of Bitcoin’s biggest mining names, but the two are now putting a basis for a post-mining future.
Riot started exploring AI and HPC workloads in early 2025, Launching A formal review to convert up to 600 megawatts to the Corsicana, Texas facility with high performance infrastructure. The shift came with a pause to further Bitcoin Mining Buildout on the site. The riot has not yet signed any major AI contracts, but its Corsicana site – covering 355 hectares and eventually capable of facilitating 1 Gawawatt of power – properly attracting Hyperscaler clients in the future.
The excitement remains strong in Bitcoin. In Q1 2025, it is mine 1,530 btcwhich makes up $ 142.9 million in mining income – Q1 2024 income doubles $ 71.4 million. The excitement relates to the benefit of the higher bitcoin price and increased operational hashrate. It also holds 19,225 BTCs, making it the fourth largest corporate Bitcoin holder in the world.
Mara holds Bitcoin’s largest treasury among miners and second only to microstrators among all public companies with 50,000 BTC.
In March 2024, Mara revealed Its Mara 2PIC700, a immersion cooling system designed for dense compute workloads, including AI and crypto mining. By mid-2024, the firm rebranded a broader approach as a “side computing” play.
By early 2025, Mara began the voting of two HPC test sites, each holding around 30 megawatts using the 2PIC700 cooling system.
The Pivot has not been translated into major contracts or repetitive cash flows for both Bitcoin producers, but their Bitcoin balance shows why they are not desperate to vary -AI expansion.
The bitcoin miner who dripped to AI
While many Bitcoin mining companies are leaning against AI and the high performance of computing, ASIC manufacturer Canaan is going in the opposite direction. In July 2025, this company announced Shutting down its AI Chip Division.
With only 2.1% of the global ASIC market, Canaan remains a small player compared to Bitmain or MicRropt.
By focusing squarely on hardware mining and chasing long -term stability in North America, it carved a unique path to a sector if not satisfied with AI.
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