Bitcoin miners are shifting their focus towards Artificial Intelligence (AI) workloads, with 80% of public miner revenue expected to come from AI by year-end. This shift is driven by a surge in demand for AI computing power, which aligns perfectly with the existing infrastructure and capabilities of large-scale bitcoin miners.
Matthew Kimmell, investment strategist at CoinShares Valkyrie, highlighted that bitcoin miners are uniquely positioned to benefit from the AI buildout. He noted that they already operate gigawatt-sized data centers, dedicated power supply, and industrial cooling systems, exactly what AI demands.
Kimmell also pointed out that about 20 AI contracts worth roughly $85 billion in revenue have been signed by public bitcoin miners since April 2024. These co-location agreements typically run for five to 15 years, with some stretching up to 25 years.