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▲ Bitcoin (BTC) mining/AI generated image
The Bitcoin (BTC) mining industry overcame the decline in profitability due to the halving through the expansion of artificial intelligence infrastructure and recorded strong performance in the first quarter of 2026.
According to a BeInCrypto report, as of May 4, the growth of the artificial intelligence (AI) business division stood out in the first-quarter earnings of major Bitcoin mining companies. Core Scientific significantly increased its revenue compared to the previous year based on contracts to supply AI computing services. HIVE Digital Technologies also succeeded in diversifying its revenue structure by increasing the utilization of its high-performance computing infrastructure.
Mining companies are converting their existing power grids to operate AI servers in response to the decrease in Bitcoin mining rewards. TeraWulf exceeded market expectations by recording $18.5 million in AI-related revenue alone in Q1. Bitdigital also led a stock price rally by raising its annual recurring revenue target for the AI business division.
The surging demand for computing in the AI industry is creating new opportunities for mining companies. Adam Sullivan, CEO of Core Scientific, stated, "Demand for AI infrastructure is complementing the variable profitability of Bitcoin mining." The large-scale power infrastructure and cooling systems owned by mining companies are optimized assets for building data centers for AI training. Institutional investors are paying attention to mining companies with a high proportion of AI business, which can offset Bitcoin price volatility.
The transformation of mining companies is fundamentally changing the revenue model of the virtual asset mining industry. AI computing services have become a key driver for generating stable cash flow in addition to mining rewards. The Q1 earnings announcements prove that mining companies are evolving into advanced technology companies.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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