TechFlow news, on August 19, according to The Block, Bernstein, a research and brokerage firm, noted that investors are showing strong interest in bitcoin miners' shift toward the artificial intelligence (AI) and high-performance computing (HPC) data center market. This strategy is known as the "Mullet" strategy—running AI data centers at the front while continuing bitcoin mining at the back.
The report指出指出that虽然bitcoin mining and AI data centers share similarities in power capacity and high-density power specifications, their business models are fundamentally different. Bitcoin miners typically adopt a self-mining approach, converting low-cost electricity—below market rates—into bitcoin, with a focus on increasing bitcoin output and hash rate market share, alongside a financial strategy of refraining from selling bitcoin during losses.
However, miners transitioning to AI data centers face specific challenges. AI training tasks require GPU-based equipment, whereas traditional ASIC mining hardware is not suitable. As such, miners need to adapt their facilities to meet the requirements of AI data centers.
Bernstein analysts recommend that leading bitcoin miners should continue focusing on expanding their market share in bitcoin mining, striving to grow their hash rate faster than the overall network hash rate, and avoid selling bitcoin during unfavorable market conditions. Meanwhile, any full-scale transition to AI data centers should be carefully evaluated in terms of feasibility and potential returns.
