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Home»ADOPTION NEWS»Bernstein noted growing investor interest in Bitcoin miners turning to AI.
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Bernstein noted growing investor interest in Bitcoin miners turning to AI.

By Crypto FlexsAugust 19, 20243 Mins Read
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Bernstein noted growing investor interest in Bitcoin miners turning to AI.
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Company • August 19, 2024 7:49 AM EDT

Posted 1 minute earlier ~ in

Updated: August 19, 2024 7:55 AM EDT

Analysts at research and brokerage firm Bernstein noted that investors are showing significant interest in Bitcoin miners and are shifting their attention to the artificial intelligence and high-performance computing (HPC) data center markets.

“We are seeing significant investor interest in Bitcoin miners pursuing AI/HPC, and these same investors are questioning whether all miners should transition to AI,” Gautam Chhugani, Mahika Sapra and Sanskar Chindalia wrote in a note to clients on Monday.

This operational shift is known as the “Mullet” strategy, with AI data centers in front and Bitcoin mining behind. Monday’s report described the current mining landscape as being roughly evenly divided between miners focused on Bitcoin mining and those shifting to AI data centers.

Since ASIC mining machines are not well-suited for AI training tasks, this strategy may require miners to deploy dedicated AI machines utilizing GPUs in their facilities.

Challenges of Shifting Focus to AI Data Center Markets

However, the Bernstein report identifies specific challenges for miners who are shifting their operations to focus on the AI ​​data center market. While Bitcoin mining and AI data centers are similar in terms of power capacity and high-density power specifications, Bernstein emphasizes that they have completely different business models.

“Bitcoin Bitcoin

-2.83%
Miners are pursuing a monopolistic strategy of self-mining, and are in the business of converting electricity into bitcoin at a cost below the realized market price. Therefore, the key is to have a treasury strategy that is consistent with increasing bitcoin production/hash rate market share, i.e. not selling bitcoin at a loss,” the analysts added.

According to the report, major Bitcoin miners should focus on gaining market share in Bitcoin mining, growing their hashrate faster than the overall hashrate, and not selling Bitcoin at a loss.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Brian McGleenon is The Block’s UK-based market correspondent. He has worked as a financial journalist and producer for several news outlets including Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express for many years. Brian is also a screenwriter and producer, with one feature film produced by Northern Ireland Screen and one feature film in development. In addition to web3 and cryptocurrency development, he is interested in geopolitics, environmental issues, artificial intelligence and longevity research. Contact him at (email protected).
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