Bitcoin miners are rapidly changing their appearance. Looking at recent data, it becomes clear that this is not just about business diversification, but a fundamental structural shift in the industry.

Publicly listed miners are now facing unavoidable economic pressures. Currently, Bitcoin prices are hovering around $73,900, but mining profits are significantly negative relative to high mining costs. Amidst this, their chosen path is a large-scale shift into AI and high-performance computing infrastructure.

According to a report by CoinShares, contracts for AI and HPC worth over $70 billion have been announced across all public miners. Core Scientific alone has contracts worth $10.2 billion, TeraWulf $12.8 billion, and Hut 8 $7 billion. This is no longer just side businesses; it signifies a transition from Bitcoin mining to data center operation companies.

Why is this happening? Economics provides the answer. The cost of Bitcoin mining infrastructure is around $700,000 to $1 million per megawatt, whereas AI infrastructure costs are overwhelmingly higher, at $100M to $15 million per megawatt. Structurally, AI promises stable high returns over multiple years, making it far more attractive than the uncertainty of mining.

Supporting this shift are large borrowings and Bitcoin sales. Listed miners have reduced their holdings by over 15,000 BTC from their all-time highs. Core Scientific sold 1,900 BTC (worth $17.5 million) in January, and Riot Platforms sold 1,818 BTC (worth $100M). Even Marathon, the largest holder, has shifted to a policy of allowing sales from its total holdings, as reported in March.

A problem arises here. Bitcoin miners are essential for maintaining network security. As they withdraw from mining and shift capital to AI, the hash rate declines. In fact, the network’s hash rate has dropped from a peak of 1,160 EH/s in October 2025 to 920 EH/s, with difficulty adjustments occurring three times in a row downward. This is the first time since July 2022.

The market is also factoring in this change. Miners holding AI infrastructure contracts are valued at 12.3 times their projected revenue over the next 12 months, while pure mining companies are valued at only 5.9 times. This valuation gap is accelerating the shift.

The future of Bitcoin miners actually depends on a single variable: the price of Bitcoin. If it recovers to $100k by the end of the year, mining profitability will return, and the AI shift will slow down. However, if it remains below $70,000, this transition will continue to accelerate, and the mining industry that has existed for the past decade will transform into something entirely different.