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Bitcoin miners that shift their focus to AI and high-performance computing (HPC) could boost their profits by up to $13.9 billion annually. That’s a ccording to an Aug. 16 report by fund management titan VanEck, which says that if listed miners convert only 20% of their e xisting and targeted power capacity to AI and HPC by 2027, they can add annual profits exceeding $13.9 billion over 13 years. ”The synergy is simple: AI companies need energy, and bitcoin miners have it,” wrote head of digital assets research Matthew Sigel. ”Bitcoin miners generally have bad balance sheets, either because of too much debt, too much share issuance, too much executive compensation, or some combination of all three.” Bitcoin Miners are Shifting to AI & HPC, Unlocking New Revenue Through Strategic Arbitrage We Estimate a $38B Net Present Value Opportunity by Converting 20% of their Collective Capacity by 2027. (For context, the combined market cap of the stocks...

Bitcoin miners have been on a slippery slope over the past few months. To cater to their costs, they had been collectively selling their holdings. In fact, they’ve been so distressed that on Halloween, there were suggestions floating on social media platforms to dress up like a miner. Also Read – Bitcoin: Top mining company sells 1576 BTC as sell-pressure rises Marathon records most productive month ever Yet, digital asset and mining company Marathon Digital Holdings produced 615 Bitcoin in October—its highest-ever monthly total of mined coins. Interestingly, the amount of Bitcoin mined in October was merely 1 BTC short of the 616 BTC mined throughout the third quarter [July: 72 BTC, August: 184 BTC, September: 360 BTC]. As a result, its total Bitcoin HODLings rose to 11,285 BTC. The fair market value of the same stood at approximately $231.3 million as of October 31, 2022. Alongside, a hash rate growth was also noted by the company. Commenting on how ...