TechFlow news, according to JPMorgan analysis, Bitcoin miners are expanding into new businesses such as AI high-performance computing services. In recent quarters, they have sold newly mined or existing Bitcoin to partially fund their entry into the AI market.
Former Ethereum miners have also begun offering high-performance computing services. With Ethereum's transition to PoS, a large number of GPUs previously used for Ethereum mining are being sold on the secondhand market. The rapid growth of AI is now opening up new profitable avenues for these GPUs.
Several Bitcoin mining firms and former Ethereum miners have already used portions of their GPU arrays to test high-performance computing services. Testing shows profitability per unit of energy consumed is significantly higher than Bitcoin mining.
Bitcoin miners are also diversifying their global operations, with Russia becoming a popular destination. Due to the Ukraine war and economic slowdown, Russia has an oversupply of energy, coupled with a cold climate, enabling extremely cheap energy provision.
