CoinShares: BTC Price Rebound Unlikely to Reverse, Miners Pivot to AI Trend

According to TechFlow, on September 15, CoinShares' Q2 Bitcoin mining report stated that even if Bitcoin prices continue to rebound, publicly traded miners that have already pivoted to AI infrastructure are highly unlikely to return to mining operations. The report indicates that AI generates approximately $1.5 million in profit per megawatt, three times the amount from Bitcoin mining (around $500,000), underscoring a significant economic gap. Currently, at least 35 EH/s of hash rate (accounting for about 4.7% of the network's total 750 EH/s) is expected to exit among publicly traded miners, with companies such as Core Scientific, IREN, Cipher Digital, and TeraWulf successively announcing withdrawals or reductions in mining scale. Given that some AI hosting contracts last up to 15 years, this transition is difficult to reverse.