The Ekibastuz Bitcoin mine, opened in 2020, symbolized the rise of cryptocurrency. Companies that previously invested in Bitcoin mining are now reallocating their computing resources towards artificial intelligence (AI). As Bitcoin prices surged in recent years, mining companies invested heavily in powerful computer banks. However, following a decline in Bitcoin's value from its peak in October 2025, many are pivoting to AI, forming partnerships with firms like Anthropic, which are investing billions in AI infrastructure.
Bitcoin mining requires extensive networks of computers to verify transactions, rewarding miners with newly created digital coins. However, as the rewards have decreased and Bitcoin's value has dropped, companies are exploring AI opportunities. Bitcoin reached approximately $124,000 in October 2025 but has since fallen, recently stabilizing around $80,000, marking a nearly 30% increase in August.
Despite this recent increase, companies that have transitioned to AI may not revert to Bitcoin mining due to the high costs associated with reversing the change. Industry analysts note that Bitcoin mining companies possess expertise in sourcing inexpensive electricity and managing large data centers, making the shift to AI more feasible.
Companies such as TerraWulf, Ionic Digital, Core Scientific, Iris Energy, Bitdeer, Riot Platforms, and Hut 8 are increasingly investing in AI. Riot Platforms recently entered a $9 billion, 20-year computing agreement with Anthropic. Some companies are also rebranding; for example, Applied Blockchain has changed its name to Applied Digital, and TerraWulf has shifted its focus from Bitcoin mining to AI and high-performance computing.
Enegix, which launched a significant Bitcoin mining operation in Kazakhstan in 2020, is also transitioning towards AI. CEO Yerbolsyn Sarsenov stated that the company is aligning its energy and infrastructure towards AI development. To fund this transition, some companies have sold portions of their Bitcoin holdings.
Wolfie Zhao from The Energy Mag predicts that the trend of shifting from Bitcoin mining to AI will persist, even with recent price increases. He expressed concerns about the potential impact on Bitcoin's security and stability but hopes that new miners will enter the market as conditions improve. Zhao noted that retrofitting infrastructure for AI or high-performance computing (HPC) is a long-term commitment, making it difficult for companies to revert to Bitcoin mining.
Bitdeer, claiming to be the largest Bitcoin miner globally, has announced a 16-year agreement to provide computing resources for Anthropic. Chief Strategy Officer Haris Basit stated that Bitdeer will continue Bitcoin mining, suggesting a dual-purpose model may be pursued by many operators, as Bitcoin mining offers flexibility while AI workloads can ensure longer-term revenue contracts.