AI Pivot Pushes Bitcoin Miners Toward a 70% Revenue Milestone

The companies that built billion-dollar businesses mining Bitcoin are on track to generate most of their revenue from artificial intelligence by the end of the year — a milestone that marks an entire industry’s pivot away from the cryptocurrency that created it.

The shift comes as revenue earned for validating transactions on the blockchain is being driven down by plummeting token prices and soaring energy costs. That is accelerating the pivot that began around three years ago to providing infrastructure that generates computing power for AI firms, which is projected to be worth billions of dollars in revenue.