AI Shift Puts Spotlight on Bitcoin Miners’ Power Infrastructure, Says Canaccord

Newswire Style (Bloomberg/Reuters tone)

Bitcoin Miners Well-Positioned for AI Shift Thanks to Power Assets, Says Canaccord
October 28, 2025

Bitcoin miners are emerging as potential beneficiaries of the artificial intelligence (AI) boom, leveraging the large-scale energy and infrastructure built for crypto operations, Canaccord Genuity said in a report Tuesday.

While bitcoin mining still accounts for nearly all industry revenue, the report noted that a pivot toward AI is gaining traction. Analysts led by Joseph Vafi said the transition “makes strategic sense,” as miners’ data and power capabilities align closely with the needs of AI data centers.

Canaccord said the sector’s evolution is accelerating, driven by rising AI investment, lower financing costs, and new business models. At the same time, bitcoin fundamentals remain solid, with prices near all-time highs and production costs between $30,000 and $40,000 per BTC.

Improved energy strategies, fleet upgrades, and efficiency gains, particularly in Texas, have helped top miners maintain profitability.

The broker also highlighted how cheaper capital and investor demand are enabling new initiatives, including GPU leasing and miner-run AI cloud platforms.

Recent financings underscore the shift: Cipher Mining (CIFR) and IREN (IREN) have both issued billion-dollar zero-coupon convertible bonds, while IREN and Hive Digital (HIVE) are already running GPU cloud services. Hut 8’s (HUT) spinout of American Bitcoin (ABTC) further illustrates a move to separate energy and mining operations to unlock additional value, Canaccord said.