AI gold rush draws crypto firms away from Bitcoin
The price of Bitcoin has risen in August but is still far below its peak almost a year ago - and companies are refitting their mines.
As the price of Bitcoin plummeted from its October 2025 peak, mining companies shifted their focus to artificial intelligence (AI). These firms previously invested heavily in massive banks of computers to mine Bitcoin, but now divert their computing power towards AI development. Bitcoin mining companies like TerraWulf, Ionic Digital, and Core Scientific have signed deals with AI firms, including a $9 billion, 20-year agreement with Anthropic.
The switch to AI is expensive and difficult to reverse, with companies selling some Bitcoin holdings to fund the transition. Despite rising Bitcoin prices, experts predict a continued industry shift, as retrofitting mining infrastructure for AI proves costly and time-consuming.
Written by urgent.news from BBC Technology's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
