Crypto Miners Pivot to AI, Eye Higher Valuations

Bitcoin miners are increasingly pivoting to artificial intelligence infrastructure, with several holdings in the CoinShares Bitcoin Mining ETF (WGMI) repositioning themselves as AI and high-performance computing providers. Companies like Cipher Digital, IREN Limited, and TeraWulf are courting hyperscalers with long-term contracts, offering more revenue stability than volatile crypto mining. Analysts suggest this shift could trigger a significant rerating, with firms potentially receiving higher data center valuation multiples instead of lower mining multiples. By end of 2027, up to 20% of Bitcoin mining power capacity could be repurposed for AI workloads, representing a major structural transformation across the industry.