Mining companies' AI revenue may soar to 70% by the end of the year

According to Woofun AI, listed Bitcoin mining companies are undergoing a business model restructuring, and CoinShares predicts that their share of AI-related revenue will rise to 70% in December. This data indicates that the focus of the industry has completely shifted from simple hash rate competition to a diversified revenue structure centered on artificial intelligence and high-performance computing. The traditional mining business is gradually falling back into a secondary position and becoming the infrastructure foundation that supports corporate cash flow.

This drastic structural transformation is not due to short-term market hype, but is based on inevitable choices after the underlying economic model fails, which indicates that the entire crypto mining ecosystem is being redefined.

The underlying reason is the “halving” event on the Bitcoin network in April 2024, where block rewards plummeted from 6.25 bitcoins to 3.125 bitcoins, which directly led to a sharp contraction in mining profit margins. Faced with pressure to survive, mining companies began reusing their existing power supply capacity, cooling systems, and data center sites to transform them into infrastructure for artificial intelligence and high-performance computing tasks.

According to data compiled by Woofun AI, AI accounted for only 30% of revenue in early 2025, but this ratio rapidly doubled in just a few months. This cross-border reuse of infrastructure not only solved the problem of idle computing power, but also enabled mining companies to break into a huge computing power demand market driven by big model training and reasoning, and realized the transition from a single cryptocurrency miner to a comprehensive computing power provider.

Notably, the commercial scale of this transformation is so impressive that the total value of AI-related contracts signed by listed mining companies sometimes exceeds $70 billion. These long-term agreements mainly come from cloud service providers and artificial intelligence startups. Compared to the volatile Bitcoin price, such contracts can bring businesses a predictable and stable cash flow.

From a structural point of view, investors' valuation logic was also fundamentally restructured: in the past, the core valuation anchor for mining stocks was computing power, that is, total computing power used to guarantee Bitcoin's cybersecurity; today, analysts pay more attention to data center capacity, power supply conditions, and signed contract revenue.

This shift in perspective reflects that the market already sees these companies as hybrid technology companies, whose value no longer depends solely on the price trend of BTC, but on the operational efficiency of their infrastructure and customer stickiness.

However, this transformation is not an easy path. Mining companies must find a delicate balance between core Bitcoin mining operations and AI customer requirements that require extremely high system reliability, while facing fierce competition from mature cloud service providers such as Amazon (AMZN.US) cloud services and Microsoft (MSFT.US) Azure.

Furthermore, facility modifications to meet the demands of high-performance computing require significant capital expenses, and there is a risk of technology obsolescence. For the crypto ecosystem, the shift of computing power to the AI infrastructure market may weaken Bitcoin's cybersecurity, although most companies are expected to retain some mining operations. Whether these companies can successfully establish themselves in diversified data center operations over the next few months will determine their long-term value direction.