Bitcoin mining companies accelerate their shift towards AI and HPC, putting pressure on mining profits

Bitcoin mining companies are shifting their resources to AI data centers and high-performance computing (HPC) hosting due to shrinking mining profits. The hash price is approaching $33 per PH/s, and the network computing power has exceeded 1000 EH/s, resulting in a decrease in unit computing power revenue. The annualized return on AI computing power leasing is approximately $1.5 million/megawatt, which is three times that of Bitcoin mining at approximately $500000/megawatt. Core Scientific has paid approximately $42 million to cancel orders for a new generation of mining machines. Keel and Cipher have sold off some of their BTC reserves to finance AI construction. IREN will cease mining in December 2026 and is expected to exit the listed mining company with a computing power of 35 EH/s within the year. Core Scientific (CORZ)'s stock price is approximately $16.54, up about 90% year-on-year.