- Major crypto miners including Applied Digital, Core Scientific, TeraWulf, Ionic Digital, and Keel Infrastructure have pivoted from Bitcoin mining to AI infrastructure.
- Bitcoin has outperformed these former miners since Ionic Digital’s public listing on July 28, 2026.
- The pivot has provided a slight valuation edge over pure-play miners, but stock movements remain highly correlated.
- Even remaining miners like Iris Energy and Hut8 are increasingly leasing GPUs for AI workloads.
- Mining itself is becoming less popular as firms transform into AI data center providers.
Over the past year, several major crypto miners including Applied Digital, Core Scientific, TeraWulf, Ionic Digital, and Keel Infrastructure have pivoted away from digital asset mining to focus on Artificial Intelligence. Since Ionic Digital’s public listing on July 28, 2026, Bitcoin has outperformed all of these former miners, according to data indexed to that date.
Applied Digital announced in its 10-K that it has “evolved from a company focused on blockchain Hosting into a purpose-built HPC data center platform organized around our proprietary AI factory model.” The firm added that blockchain hosting is now a “single-customer component” of its business.
Core Scientific disclosed in its Form 10-Q that hosted mining operations are expected to conclude by December 31, 2026, while self-mining winds down. This transition was first mentioned in October 2025 when it detailed plans to repurpose mining facilities for high-density colocation.
TeraWulf announced in its fiscal 2025 10-K that it deliberately shifted capital away from BTC mining toward HPC data center development. Ionic Digital, spun out of Celsius Network, filed an S-1 already planning to wind down BTC mining over time.
Bitfarms rebranded to Keel Infrastructure in early 2026, announcing in late 2025 it would wind down BTC mining in 2026 and 2027. Meanwhile, other miners like Iris Energy is leasing GPUs to Microsoft, and Hut 8 is signing AI leases.
The pivot’s impact on valuations remains unclear, though firms that left mining have slightly outperformed those still relying on mining revenue. However, the stocks still largely move together. Mining itself is no longer a popular business for crypto miners, who are rapidly becoming AI infrastructure providers.
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