Bitcoin Miners Are Becoming AI Infrastructure and the Market Is Repricing Them
Bitcoin miners are pivoting to AI infrastructure as revenue per megawatt from serving AI workloads runs 5 to 10 times higher than from mining Bitcoin, and the post-halving squeeze has turned that gap into a strategic mandate. Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!) . The clearest signal so far is Bitfarms (NASDAQ: BITF), which announced it is re-domiciling, renaming itself Keel Infrastructure, and halting all new Bitcoin mining investment. "We are no longer making any investments into Bitcoin mining," said executive Ben Gagnon, framing the company as an "infrastructure developer and owner." We’re officially Keel Infrastructure! Built for the accelerating demand for HPC and AI—with the power, locations, and execution to deliver. Explore our new website → https://t.co/3VI028F01M pic.twitter.com/D6ubEMP1lc — Keel Infrastructure (@keelinfra_) April 1, 2026 A Clear Trend It's not a one-off case. Core Scientific (CORZ) and TeraWulf (WULF) have largely repositioned as HPC operators and signed multi-year contracts with hyperscalers. Riot Platforms (RIOT), Iris Energy (IREN), and Hut 8 have each announced plans to redirect significant power capacity toward AI clients. Analysts estimate that by end of 2027, up to 20% of the Bitcoin mining industry's total power capacity could be repurposed for AI and HPC workloads. Why Miners Have an Edge The pivot works because miners already hold what the AI industry can't quickly acquire: large-scale sites with high-voltage power contracts and the infrastructure permits to match. Hyperscalers are facing two-to-four-year delays just to get new data centres grid-connected.
Bitcoin miners are undergoing a significant transformation as they pivot towards becoming key players in the rapidly growing AI infrastructure market. This shift is driven by the substantial revenue disparity between mining Bitcoin and serving AI workloads, which has been exacerbated by the recent Bitcoin halving event. The post-halving squeeze has forced miners to reevaluate their business models, leading many to prioritize repurposing their power capacity for AI and high-performance computing (HPC) workloads.
The clearest example of this trend is Bitfarms, a Bitcoin mining company listed on NASDAQ under the symbol BITF. On April 1, 2026, Bitfarms announced its re-domiciling and renaming to Keel Infrastructure, signaling a complete pivot away from Bitcoin mining. In a statement, executive Ben Gagnon declared, "We are no longer making any investments into Bitcoin mining," framing the company as an "infrastructure developer and owner." This move is part of a broader trend among Bitcoin miners, who are recognizing the lucrative opportunities in the AI and HPC sectors.
Core Scientific (CORZ) and TeraWulf (WULF) are among the companies that have largely repositioned themselves as HPC operators, securing multi-year contracts with hyperscalers. Similarly, Riot Platforms (RIOT), Iris Energy (IREN), and Hut 8 have announced plans to redirect significant portions of their power capacity towards AI clients. Analysts predict that by the end of 2027, up to 20% of the Bitcoin mining industry's total power capacity could be repurposed for AI and HPC workloads.
The pivot is feasible due to the unique advantages that Bitcoin miners possess. Unlike the AI industry, which struggles to quickly acquire large-scale sites with high-voltage power contracts and the necessary infrastructure permits, miners already have these critical assets in place. Hyperscalers are facing significant delays—ranging from two to four years—just to get new data centers grid-connected. In contrast, Bitcoin miners can bring AI capacity online in one to two years.
This shift is further supported by strong demand forecasts for data center power. Goldman Sachs predicts that U.S. data center power demand will grow at a 15% compound annual rate through 2030, with AI being the primary driver of this growth. The financial logic behind this pivot is compelling: Bitcoin miners typically trade at 6–12x EBITDA, while the AI infrastructure sector is poised for substantial growth and profitability.
The repricing of Bitcoin miners as AI infrastructure providers is a testament to the adaptability of the industry. As the demand for AI continues to surge, miners are capitalizing on their existing infrastructure to meet this demand. This transition not only addresses the challenges posed by the post-halving squeeze but also positions Bitcoin miners as key players in the next wave of technological innovation. The repurposing of mining power capacity for AI workloads underscores the dynamic nature of the technology industry, where companies must constantly innovate and adapt to thrive in a rapidly changing landscape.
