Bitcoin Miners Tap into AI Market to Boost Profits

VanEck research analysts have uncovered a new trend: Bitcoin miners are now exploring AI opportunities to increase revenue. In a recent report, they highlighted how these miners are well-positioned to support AI and high-performance computing (HPC) needs.

The analysts pointed to Core Scientific (CORZ), the fourth-largest Bitcoin miner, as a prime example. CORZ recently landed a big deal with AI company CoreWeave. The 12-year contract will bring over $3.5 billion for CORZ by providing 200 MW of infrastructure.

But that’s not all. Three weeks later, CoreWeave asked for 70 MW more, adding another $1.225 billion to the deal. They also plan to host more NVIDIA GPUs this August, needing 112 MW. The VanEck team notes that with just 118 MW more, CORZ could become one of the biggest data center operators in the U.S.

Bitcoin Miners: The Unsung Heroes of AI’s Energy Revolution

This move by CoreWeave shows how vital public Bitcoin miners are becoming in AI, HPC, and energy markets. The analysts report that these miners now control a record share of Bitcoin’s global hash rate. Their combined market value hit an all-time high in July.

For example, CORZ’s market value grew by $1.6 billion. Its shares went up 99%, far outperforming the MarketVector Digital Asset Equity Index, which only rose 0.29%. As of August 12, this index had increased by 2.8%, lagging behind Bitcoin’s price by 3,000 basis points.

Despite these changes, VanEck analysts say many investors have not realized that Bitcoin miners now have significant AI exposure. They explain that this trend comes from a win-win situation: Bitcoin miners can provide the large amounts of energy that AI companies need.

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