Bitcoin mining companies are accelerating their shift toward AI, with AI/HPC contract mining firms commanding significantly higher valuations than pure-play mining companies.

As Bitcoin prices fall and mining yields remain under pressure, Bitcoin mining firms that have pivoted to artificial intelligence and high-performance computing (AI/HPC) are securing higher valuations and more stable revenue outlooks. Over the past year, shares of TerraWulf (WULF), IREN, and Cipher Digital (CIFR) have all more than doubled, while MARA Holdings (MARA), which pivoted to AI later, saw its stock drop around 40% over the same period. Bitcoin’s mining hash price has now fallen from roughly $63 per PH/s in July last year to about $31.8, prompting an increasing number of mining firms to shut down equipment. The Bitcoin network’s hashrate has also declined from 1.14 ZH/s to approximately 900 EH/s, a drop of around 21%. Data from CoinShares shows that as of the first quarter of 2026, the average enterprise value multiple for mining firms with AI/HPC contracts stood at roughly 12.3x, while pure Bitcoin mining firms had a multiple of just 5.9x. Over the same period, the total value of AI/HPC contracts signed across the industry has reached about $70 billion. Recently, mining firms’ AI transitions have accelerated further. Last week, Riot Platforms signed a 20-year lease agreement with Anthropic, valued at around $9.1 billion. The market believes that the truly scarce assets of mining firms are not Bitcoin itself, but low-cost power, data center infrastructure, and large-scale computing operation capabilities—resources that can be repurposed for high-growth computing businesses like AI. However, pure Bitcoin mining still has room for recovery. CoinShares estimates that if Bitcoin prices return to their all-time high of roughly $126,000 hit last October, the hash price could rebound to around $59 per PH/s, and mining firms’ profitability is expected to improve significantly.