Can the pivot to AI save crypto miners?

Over the past year, several crypto miners have decided to move away from the space and transition their data centers, power contracts, and infrastructure to focus on artificial intelligence (AI). These miners include Applied Digital, Core Scientific, TeraWulf, Ionic Digital (formerly Celsius mining), and Keel Infrastructure (formerly Bitfarms). Indexed to the public listing of Ionic Digital, BTC has continued to outperform all of these former miners. Applied Digital announced in its 10-K filed on July 29 that it’s “evolved from a company focused on blockchain hosting into a purpose-built HPC data center platform organized around our proprietary AI factory model.”…