VanEck forecasts that Bitcoin miners could generate up to $38 billion in extra revenue by reallocating 20% of their operations towards artificial intelligence (AI) and high-performance computing (HPC).
The asset management firm believes that this shift could result in an average annual increase of $13.9 billion in profits over the next 13 years.
Currently equipped with the necessary hardware and cooling systems, Bitcoin miners are already positioned to handle AI and HPC tasks. By repurposing a portion of their energy resources for these advanced computing needs, miners could see a notable boost in profitability. VanEck also predicts that this strategy might lead to a doubling of mining stock values by 2028.
Bitcoin miners’ extensive infrastructure and power resources in the U.S. make them well-suited to support AI operations, making their facilities appealing to the growing AI sector. If miners adapt their operations to include AI and HPC by 2027, they could experience a significant financial turnaround, in contrast to their current struggles.
VanEck’s analysis suggests that this transition could nearly double the combined market value of 12 major Bitcoin mining companies, which currently totals $19.7 billion. This change could help alleviate the financial pressures faced by many miners, who have been dealing with substantial debt and high operational expenses.
Alphractal, a cryptocurrency analysis firm, has voiced concerns about Bitcoin’s current market trajectory, suggesting it may be on the verge of entering a bear market phase.
Recent blockchain data reveals that a segment of Bitcoin investors has started selling off assets to lock in profits following a recent price surge.
CryptoCon confidently predicted an imminent bull market for Bitcoin, downplaying concerns of a recession or prolonged bear market.
Jeff Kendrick, global head of digital asset research at Standard Chartered, predicts Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the 2024 US presidential election.