Bitcoin mining is entering into a new phase as companies that were only used for producing Bitcoin ($BTC) have now moved towards AI and high-performance computing as per Coinshares. There’s a clear reason for this shift: AI needs huge amounts of electricity and data center space, which are things Bitcoin miners already have. Their operations are built on power-intensive computing sites.
Moreover, CoinShares has also expanded the investment strategy of its Bitcoin Mining ETF (WGMI) and has shifted its focus beyond traditional Bitcoin mining companies to include AI and high-performance computing (HPC) infrastructure.
Miners have invested a great amount of money in facilities that rely on cheap electricity, large power loads, cooling systems, and strong relationships with utilities. They built all this for $BTC, but it turns out these same assets work for AI too. The industry’s image is shifting as instead of just being seen as only a bet on $BTC, miners are starting to look like part of the broader digital power infrastructure.
Bitcoin Mining Infrastructure Finds a New Use in AI #
Bitcoin mining creates new $BTC and validates transactions. Miners compete to solve complex puzzles; whoever finishes first gets new Bitcoin as a reward and this process keeps the network secure. However, mining profits depend on three things: the price of $BTC, the block reward, and energy costs.
In April 2024, the halving event cut the block reward in half (going from 6.25 $BTC to 3.125 $BTC). Miners still account over 99% of their revenue from newly minted Bitcoin, and transaction fees only leave a small remainder.
This focus on power is now attracting interest from the AI industry. The International Energy Agency expects global data center power use to rise from around 485 TWh in 2025 to roughly 950 TWh by 2030. AI is the major reason behind this surge. For the AI industry, chips aren’t the only concern. Data center projects need energized sites, access to the grid, robust high-voltage systems, serious cooling setups, and reliable power deals, and building all that can take years.
$BTC miners have already done a lot of this work. Their sites are designed around huge amounts of power and heat, and their teams know how to work with utilities and energy markets. This means these facilities can be adapted and they can support AI and HPC workloads too.
For instance, Core Scientific has closed a 12-year deal to host AI cloud workloads for CoreWeave, with a total value of $10.2 billion. Then there is IREN that has made a five-year, $9.7 billion contract with Microsoft to host NVIDIA GB300 deployments at its Childress, Texas campus. TeraWulf has also announced more than $12 billion in long-term HPC hosting contracts. For the first time, its HPC leasing revenue actually topped its $BTC mining income in Q1 2026. And Hut 8 signed a 15-year, $9.8 billion lease for its Beacon Point campus in Texas. As of July 2026, publicly traded Bitcoin mining companies had announced AI and HPC contracts worth over $70 billion.
Energy Becomes the Common Ground Between Bitcoin and AI #
The main link between Bitcoin mining and AI is electricity. Miners have figured out how power turns into profit, tapping into renewable energy, stranded or curtailed electricity, and even adjusting power use when the grid is under pressure. AI data centers want steady, always-on, and affordable power. This means companies with cheap and scalable energy now have new ways to use their assets. They can keep mining $BTC, host AI workloads, or help balance the power grid.
One can see the change in the investment industry too. According to CoinShares’ Bitcoin Mining ETF, WGMI, now invests at least 80% of its assets in $BTC mining and digital power companies. Their reach has expanded to include hyperscale data centers supporting AI, semiconductor and component firms, power generation, energy storage, HPC, and even quantum computing tech. They can also invest up to 20% into companies with a wider digital or Bitcoin infrastructure angle.
All these shifts don’t eliminate risk. Mining companies are still linked closely to $BTC’s price changes, and AI infrastructure brings its own concerns like customer concentration, construction delays, and financing challenges. Multi-year contracts are only as good as the construction and delivery.
But the business model is clearly evolving. Today, Bitcoin miners are using the same infrastructure they built for mining purposes that is being used for AI computing. With access to power, land, and large-scale facilities, they could end up playing a much bigger role in the digital economy, where Bitcoin mining becomes just one part of a broader network built around power and computation.