Cryptocurrency mining companies are increasingly transitioning their operations from Bitcoin mining to artificial intelligence (AI) amid changes in the market. After investing heavily in computing infrastructure during the cryptocurrency boom, companies are now repurposing their resources towards AI, a move highlighted by deals with AI firms such as Anthropic.
Bitcoin Decline Sparks a Shift
Following the peak value of Bitcoin at approximately $124,000 (£91,000) in October 2025, its sharp decline led many mining firms to seek alternative revenue streams. Despite a recent rally pushing Bitcoin’s value up to around $80,000 in August, several companies have decided that the costs of switching to AI make it prohibitive to revert back to cryptocurrency mining.
Companies and Strategies
Notable cryptocurrency miners such as Riot Platforms, TerraWulf, Ionic Digital, Core Scientific, Iris Energy, Bitdeer, and Hut 8 are now focusing on AI. Riot Platforms’ recent $9 billion, 20-year agreement with Anthropic exemplifies this shift. Similarly, companies are rebranding and modifying their public identities to reflect their new focus, such as Applied Blockchain changing to Applied Digital.
Critically, companies like Enegix are not only altering infrastructure but are actively courting partnerships within the AI and high-performance computing (HPC) sectors. Enegix’s chief executive, Yerbolsyn Sarsenov, confirmed the firm’s intention to pivot a considerable portion of its assets towards AI development, both in Kazakhstan and internationally.
Challenges and Predictions
This shift to AI, however, incurs substantial costs as companies are required to adjust their existing hardware to suit AI applications. Some, like Bitdeer, have sold Bitcoin holdings to fund the transition. Despite Bitcoin’s recent price recovery, experts such as Wolfie Zhao from The Energy Mag foresee the continuing transition to AI. Zhao believes that the difficulty of reverting from AI infrastructure prohibits many from returning to Bitcoin mining.
Bitdeer, reportedly the world’s largest Bitcoin miner, has announced a 16-year compute provision deal with Anthropic. However, Haris Basit, Bitdeer’s chief strategy officer, maintains that Bitcoin mining will persist alongside AI, suggesting a dual-purpose model might be adopted across the industry.
Reporting based on coverage first published by bbc.co.uk.