Key Facts
- Crypto miners are increasingly shifting their focus from Bitcoin to AI and high-performance computing (HPC), with efficiency now taking precedence in their operations.
- Nasdaq-listed firms have experienced share increases of approximately 300% to 500% this year as they transition from solely Bitcoin mining to AI infrastructure.
- Revenue per megawatt and EBITDA margins for AI and HPC colocation are substantially higher compared to traditional mining methods.
- Investor sentiment is now primarily centered around HPC/AI opportunities, with Bitcoin miners being valued mostly on these prospects rather than their mining outputs.
- Bitdeer has stated that while AI and HPC represent significant advancements, they serve as a complement to mining rather than a replacement.
- The industry focus has transitioned from hashrate increases to enhancing energy utilization efficiency.
Shares of the large-scale computing outfits that make Bitcoin work are once again outperforming the original cryptocurrency, as more pivot to hybrid models built around artificial intelligence and high-performance computing.
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