Cryptocurrency mining companies are forming a structural migration wave toward AI data centers (AIDC) worldwide. The core driving force is that traditional Bitcoin mining profit models are on the verge of collapse— the April 2024 halving will reduce block rewards from 6.25 BTC to 3.125 BTC, and since the second half of 2025, the coin price has been continuously declining, coupled with the overall network hash rate increasing. By March 2026, the weighted average cash cost per Bitcoin mined has risen to about $80k, creating a serious inversion with the current coin price.

Unlike previous mining "winters," this round of transformation has a tangible asset landing foundation. Mining companies have a natural first-mover advantage in occupying power resources and building data centers—traditional AI data centers often take 3 to 5 years from land approval to commissioning, while mining companies' transformation cycle only requires 18 to 24 months. The profit structure after transformation is also more attractive: AI infrastructure contracts promise profit margins exceeding 85%, with multi-year revenue guarantees.

Currently, many mining companies have signed huge long-term leasing agreements with tech giants, and AI revenue share is expected to rapidly increase from less than 30% now to 70% by the end of 2026. However, this transformation also involves high refinancing risks—mining companies are taking on massive debt to bet on AI expansion, leading to a surge in overall mining costs for some enterprises; old mining machines are outdated for high-density AI clusters and require investments in advanced cooling solutions like liquid cooling to meet increasingly stringent deployment requirements.
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