Bitcoin News Update: As AI Sparks a Modern Gold Rush, Bitcoin Miners Shift Focus from Blocks to Bytes

With profits from traditional Bitcoin mining shrinking, miners are rapidly branching out into artificial intelligence (AI) and high-performance computing (HPC).

(CLSK) is at the forefront of this shift. On November 11, 2025, the company revealed plans for a $1.15 billion convertible note issuance to support its expansion into AI infrastructure and buy back shares, highlighting a growing industry movement. As network difficulty rises and hash prices drop, operators are increasingly seeking more reliable income sources, reports.

This development follows Bitcoin mining difficulty reaching an all-time high of 155.97 trillion in late October 2025, marking a 6.31% increase from the previous adjustment. Meanwhile, hashprice revenue—the earnings per unit of computational power—fell to $41 per terahash per second (TH/s), approaching levels that threaten the survival of smaller miners,

reports. For , output dropped to 612 BTC in October, down from 706 in March, highlighting the squeeze on mining profits, reports.

CleanSpark’s $1.15 billion offering, increased from an initial $1 billion, carries 0.00% interest and a 27.5% conversion premium over its $15.03 share price at the time of announcement. Of the funds, $460 million will be used to buy back shares at $15.03 each, while the rest will go toward acquiring power and land, building data centers, and paying off bitcoin-backed credit lines,

reports. The company, based in Texas, also unveiled plans for a 285 MW AI/HPC campus in the state, utilizing its current infrastructure to support GPU-based workloads, reports.

This approach is similar to that of other companies like TeraWulf Inc. (WULF), which saw an 87% increase in revenue year-over-year in Q3 2024, fueled by both Bitcoin mining and AI/HPC services. TeraWulf’s Lake Mariner facility in New York now provides 22.5 MW of HPC capacity under long-term agreements with Fluidstack, supported by a $1.8 billion credit enhancement from Google,

reports. Likewise, Core Scientific Inc. (CORZ) extended a 12-year HPC deal with CoreWeave, securing an additional 70 MW for operations starting late 2025, reports.

The move toward AI is changing how mining companies are valued. Investors are now focusing more on contracted AI hosting revenue—ranging from $1.5 to $2.0 million per megawatt annually—rather than just hashrate growth,

reports. For example, Bitdeer Technologies Group (BTDR) reported a 173.6% jump in Q3 2025 revenue compared to the previous year, partly thanks to AI cloud services. Meanwhile, Dubai-based Phoenix Group expanded its Ethiopian operations by 30 MW and aims to reach 1 GW of combined mining and AI capacity by 2027, , reports.

Yet, obstacles remain. Regulatory issues, such as New York’s emissions reduction requirements for Greenidge Generation Holdings, underscore the importance of environmental compliance in AI infrastructure projects,

reports. Additionally, limited GPU availability and power grid constraints—especially in Texas’ ERCOT region—could slow down large-scale rollouts, reports.

Experts point out that while Bitcoin’s price swings remain unpredictable, the transition to AI hosting provides miners with a cushion against the sector’s volatility. Marathon Digital Holdings (MARA), which acquired a 64% stake in EDF’s Exaion unit, and Iris Energy (IREN), which runs GPU clusters powered by renewables, are examples of the industry’s move toward more diverse revenue streams,

and report.

After CleanSpark announced its bond offering, its shares fell 4.9% in premarket trading, reflecting investor concerns about potential dilution from the convertible notes,

. However, the industry’s broader embrace of AI—expected to push U.S. data center electricity use to 606 TWh by 2030, according to McKinsey—points to long-term strength, reports.

As Bitcoin miners contend with a bearish market, their shift toward AI marks a major transformation: facilities capable of supporting both ASIC and GPU workloads are becoming more valuable than raw hashrate alone. For CleanSpark and its competitors, securing access to power, land, and the electrical grid will be crucial for success as digital infrastructure becomes the backbone of both cryptocurrency and AI growth.