Following the 2024 Bitcoin halving, which reduced block rewards to 3.125 BTC, several major Bitcoin mining firms have diversified into artificial intelligence (AI) and high-performance computing (HPC). This strategic shift aims to generate new revenue streams and adapt to changing market conditions. This trend reflects the industry's evolution, leveraging existing infrastructure for the growing AI and HPC sectors.
Core Scientific, after emerging from bankruptcy in early 2024, signed a 12-year, $3.5 billion deal with CoreWeave in June 2024 to host HPC operations. Hut 8 launched its GPU-as-a-Service offering, Highrise AI, in September 2024, deploying over 1,000 Nvidia H100 GPUs. Despite a 79% increase in hashrate, Hut 8 reported a Q1 2025 net loss of $134.3 million and holds 10,273 BTC.
Iren integrated Nvidia GPUs in early 2024, with AI cloud revenue increasing by 33% to $3.6 million in Q3 FY2025. Hive invested $30 million in December 2024 to deploy GPUs, generating $10.1 million from AI and HPC hosting in FY2025. Riot Platforms explored AI and HPC workloads in early 2025, doubling its Q1 2024 mining revenue, and holds 19,225 BTC. MARA Holdings rebranded as an "edge computing" play by mid-2024, piloting HPC test sites by early 2025. Canaan shut down its AI chip division in July 2025.