Bitcoin miners pivot as AI contracts grow
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- Bitcoin miners with AI and HPC contracts are commanding higher valuations than pure-play miners.
- AI-focused miners trade at 12.3 times enterprise value versus 5.9 times for Bitcoin miners.
- CoinShares estimates Bitcoin at $126,000 could lift mining revenue to about $59 per PH/s.
Bitcoin (CRYPTO:BTC) miners shifting into AI and high-performance computing have secured stronger market valuations.
Bitcoin’s price has fallen 45% in eight months, pressuring miners that rely only on mining revenue.
AI and HPC miners trade at 12.3 times enterprise value, compared with 5.9 times for pure-play miners.
TerraWulf, IREN and Cipher Digital have more than doubled over the past year, according to CoinDesk.
MARA Holdings has fallen 40% over the same period as mining revenue has weakened.
Bitcoin mining hashprice fell from $63 to about $31.80 per PH/s over the past year.
CoinShares estimates Bitcoin returning to $126,000 could lift hashprice to about $59 per PH/s.
At the time of reporting, Bitcoin price was $64,306.00.
