Bitcoin miners have been adapting to the changing market conditions, shifting their focus from cryptocurrency mining to selling electricity to AI companies. This transformation is driven by the increasing demand for data centers from AI and the decreasing profit margins for mining.
The transition has already begun with several major mining companies, including Core Scientific, MARA, and BitDeer. These companies have sold a significant portion of their Bitcoin holdings and are investing in AI infrastructure. For example, Core Scientific has signed a joint venture agreement with Starwood Capital to deliver 1GW of AI data center capacity.
The demand for electricity from AI is expected to continue growing, with markets predicting that the global AI inference market will reach nearly $255 billion by 2030. This growth is driven by the increasing adoption of AI in various industries, including healthcare and finance.