Bitcoin Miners Eye $13.9B Boost by 2027 with AI Energy Shift

Aug 18, 2024, 09:02 AM

Bitcoin miners are exploring a strategic shift to increase profitability by redirecting some of their energy resources to the artificial intelligence (AI) and high-performance computing (HPC) sectors. This transition could potentially boost their annual revenue by $13.9 billion by 2027, according to a report by VanEck. The move comes as miners face challenges from volatile Bitcoin prices and the recent Bitcoin halving, which has affected their profitability. By allocating 20% of their energy capacity to AI and HPC, miners aim to improve their financial standing and address their "bad balance sheets." This shift aligns with the growing demand for power in the AI and data center sectors, as highlighted by AES CEO, who noted the significant structural change in the power sector driven by generative AI and data centers.