Mining Companies Lost $400 Million but Were Resurrected by AI: Bitcoin Mining Rigs Finally Find a New Job

TeraWulf posted a net loss of $427 million in the first quarter, but for the first time, AI computing revenue surpassed Bitcoin mining. It sounds like bad news, but many miners are already laughing out loud.
Because the mining industry has finally figured out: graphics cards can be used not only for mining, but also for training AI.
What were mining companies most afraid of in the past? A sudden crash in coin prices, rising electricity costs, and idle mining rigs. Now that the AI wave has arrived, the whole industry has suddenly found a second career.
In the past, mining farms looked like digital gold mines; now they’re more like AI power plants.
Especially after ChatGPT became wildly popular, global demand for AI computing power surged. Many mining companies found that instead of clinging to mining, it’s better to rent out computing power to AI companies. After all, AI customers are far more stable than the crypto market.
It’s like a KTV suddenly realizing that during the day it can also be converted into a shared office to make money.
More importantly, AI business means mining companies no longer have to rely entirely on Bitcoin prices. In the past, if BTC fell a little, mining stocks would basically free-fall; now, with an additional revenue stream, the market is actually more willing to give them higher valuations.
The most likely future scenario is that mining companies will no longer be just mining companies, but large-scale computing power providers. Whoever has cheap electricity and a large number of GPUs can capture the benefits of both AI and crypto simultaneously.
The biggest charm of the crypto world is right here—yesterday they were mining, and today they’ve started training artificial intelligence. The industry is changing so fast that even insiders have to learn while doing. #Gate广场五月交易分享