Crypto Miners Are Pivoting To Ai (like Everyone Else)

Despite the recent rally in the price of bitcoin, it is still far below its 2021 bullish heyday. This has caused a shift in hype and capital from Web3 to AI, as both cryptocurrency mining and AI development require high-end computer chips. However, there is a global shortage of these chips, leading to the question of whether crypto miners are pivoting to AI. While most bitcoin-only miners are not, larger operations are exploring their options, as their infrastructure can be used for an expansion into AI. Examples of this include Applied Digital’s $460 million deal to host AI cloud computing and Iris Energy’s expansion and revitalization of its high-performance computing data center strategy.