Bitcoin miners are increasingly seeking partnerships with artificial intelligence companies to revitalize their struggling businesses[1][3]. This strategic shift comes as miners face challenges due to high energy costs, expensive computing equipment, and reduced mining rewards following the recent halving event[1].
Key points of this trend include:
  1. Bitcoin miners are leveraging their existing infrastructure, including data centers, access to cheap power, and high-performance computing capabilities, to attract AI companies[1][3].
  2. AI developers require substantial computing power and energy resources, which align well with miners' assets[1].
  3. Core Scientific, one of the world's largest bitcoin miners, recently struck a deal with AI cloud provider CoreWeave, estimated to be worth $4.7 billion in revenue over 12 years[1][4].
  4. Other major miners like Hut 8, Hive, and Bit Digital are also pivoting towards AI services[3][4].
  5. This shift is driven by the need for more stable revenue streams, as cryptocurrency mining profitability has become increasingly volatile[3].
  6. The market has responded positively to this trend, with the market cap of 14 leading Bitcoin mining companies increasing by $4 billion (22% rise) since early June 2024[3].
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