With the continued warming of AI infrastructure inputs, a group of data centre operators, which had originally relied on Bitcoin mining expansion, are shifting their power, power and capacity to AI and high performance computing. BBC reports that this change is reshaping the revenue structure of some mining companies and has also led to adjustments in their relationship with the encryption market.

Digging returns drop and turn to AI.

Bitcoin mining companies have invested heavily over the past few years in the construction of mines, relying on specialized equipment to participate in network accounting and to obtain new bitcoin awards. But the price of bitcoin has been falling behind since October 2025, and mining companies face lower return pressures.

It was reported that Bitcoin had risen to about US$ 124,000 at that time, then fell significantly and recently recovered to about US$ 80,000. Although the price rebound has been close to 30 per cent since August, it is not likely to be sufficient for businesses that have completed the transition to return to a single mining pattern.

Industry believes that mining companies are able to get into AI faster because they have long been good at finding low-cost electricity, building large data centres and maintaining high-load operations. These competencies overlap with the infrastructure required for AI training and reasoning.

Multiple mining companies signed long-term credit contracts

These include TerraWulf, Ionic Digital, Core Scientific, Iris Energy, Bitdeer, Riot Platforms and Hut 8. They are shifting more investment and infrastructure from bitcoin mining to AI-related operations.

Of these, Riot Platforms signed a 20-year calculation contract with Anthropic earlier this month for a total of $9 billion. Bitdeer has just announced a 16-year supply agreement with Anthropic.

The branding of some companies has also changed. Applied Blockchain has changed his name to Applied Digital. The TerraWulf Network, which previously described itself as a company with a Bitcoin mining infrastructure at its core, now emphasizes the next generation of AI and high performance calculations.

The mining company Enegix in Kazakhstan is pushing for similar adjustments. The chief executive officer of the company, Yerbersyn Sarsenov, stated that the company was gradually building an AI infrastructure with energy and infrastructure capacity in Kazakhstan and elsewhere, and was in contact with AI and high performance computing enterprises.

It's a lot more difficult to turn back.

However, it is not cheap to convert the mine into a data centre suitable for AI load. It was reported that some companies had sold a bitcoin hold to raise funds to complete the transition.

The industry media, Wolfie Zhao of The Energy Mag, predicts that more listed mining companies will continue to reduce the investment of bitcoin mining hardware in the coming months. In his view, it would be difficult for an enterprise to easily retrace the old model once the Dodgiva level power and room resources were converted to AI or high performance computing hosting facilities.

His judgement was that withdrawal from the Bitcoin network was not in itself complex, but that if an enterprise had signed a GPU hosting contract for a period of 10 or 20 years, it would mean more stable income and would mean that the infrastructure would have to be maintained for tenants on a continuous basis.

However, not all enterprises are prepared to leave the mines completely. Bitdeer Chief Strategic Officer Harris Basit stated that the company would continue to dig bitcoin and suggested that many operators might eventually follow the dual model of AI in parallel with mining.