Newswire Style (Bloomberg/Reuters)
Bitcoin Miners’ Energy Infrastructure Positions Them for AI Growth, Says Canaccord
October 28, 2025
Bitcoin mining continues to generate the vast majority of the industry’s revenue, but the sector is now pivoting toward artificial intelligence (AI), according to a new report from Canaccord Genuity.
Analysts led by Joseph Vafi said the shift is logical, as miners’ large-scale energy and data infrastructure—originally built for Bitcoin—can now support AI data center operations.
Canaccord noted that the industry’s evolution is accelerating, driven by growing AI investment, lower financing costs, and new miner-AI partnerships. At the same time, Bitcoin mining fundamentals remain robust, with prices near all-time highs and production costs between $30,000 and $40,000 per BTC.
Improved efficiency, upgraded fleets, and optimized power strategies, particularly in Texas, have kept leading miners profitable, the report said.
The broker highlighted emerging revenue streams from GPU leasing and AI cloud development, supported by easier access to capital. Cipher Mining (CIFR) and IREN (IREN) recently raised $1 billion each through zero-coupon convertible bonds, while IREN and Hive Digital (HIVE) operate GPU-based cloud services.
Hut 8’s (HUT) spinout of American Bitcoin (ABTC) signals a broader industry trend of separating mining and energy divisions to unlock value and focus growth, Canaccord added.
