TL;DR:
- Bitcoin mining remains highly profitable.
- Canaccord says miners should pivot to AI compute for long-term growth.
- Hybrid bitcoin-AI firms could dominate future digital infrastructure.
Bitcoin mining remains a powerhouse of profitability, yet analysts at Canaccord Genuity argue the sector’s real future lies in artificial intelligence (AI). According to a new report, miners’ access to abundant power infrastructure places them in a unique position to lead the next evolution of computing — if they pivot strategically.
From Hashrate to Compute Power
Canaccord’s analysis highlights that bitcoin miners collectively control some of the world’s most valuable power and data center assets. These facilities, originally optimized for crypto mining, could be repurposed for AI computation workloads, which are increasingly in demand. The firm said this transition could unlock new revenue streams that far exceed mining’s current margins.
While bitcoin mining remains profitable — with total network revenues still surpassing $30 million daily — Canaccord suggests that miners who diversify into AI services could mitigate cyclical risks tied to bitcoin’s price. The note emphasizes that the market for AI computing, driven by global demand for machine learning infrastructure, is growing exponentially, offering a more stable and scalable opportunity.
The firm cited companies like Iris Energy and Core Scientific as early adopters of this dual model, allocating a portion of their power resources to AI and cloud computing while continuing bitcoin operations. These firms are positioning themselves to capture the emerging “compute economy” that parallels traditional mining but targets AI inference and training instead of hash generation.
Canaccord also warned that the pivot to AI requires heavy upfront investment and technical expertise. However, the report argues that miners’ experience in high-efficiency energy management and data center operations gives them a head start compared to new entrants. Analysts concluded that the most successful players in the coming decade may not be pure bitcoin miners or pure AI firms, but hybrid entities bridging both industries.
