Who’s Pivoted From Mining to AI/HPC and Who Remains?
The companies that once secured the Bitcoin network are increasingly in the business of powering AI infrastructure instead. Based on that shift, we are adjusting our bitcoin miner comps to properly reflect those still focused on maintaining the Bitcoin network, removing five names: TeraWulf, Cipher Digital, Core Scientific, Hut 8, and Bitfarms.
The pivot is no longer directional. It is contractual. These five companies have collectively signed over $30 billion in long-term AI/HPC infrastructure agreements, against a combined $956M in 2025 revenue (a portion of which already comes from AI/HPC). CoinShares estimates that listed miners could derive 70% of revenue from AI by year end, up from ~30% today, and the market has repriced accordingly: miners with secured HPC contracts trade at 12.3x NTM sales versus 5.9x for pure-play miners. When the contracted revenue pipeline is 30x the existing top line, the business model has fundamentally changed.
The remaining comps tell a more nuanced story. Every company still in the group is producing meaningful hashrate, but nearly all are simultaneously selling production, liquidating treasuries, or raising capital for AI buildouts. The conviction to remain a bitcoin miner is thinning across the board, with HIVE as perhaps the only true holdout and Bitdeer taking a differentiated path through proprietary chip manufacturing rather than colocation. The question for this group is not whether they will pivot, but how fast and how cleanly they can execute the transition while still mining BTC.
