Share this article
Bitcoin Miners Sit on Prime Power Assets as AI Pivot Accelerates: Canaccord
The broker said bitcoin mining still drives nearly all sector revenue even as the narrative shifts toward AI.
Oct 28, 2025, 3:29 p.m.
What to know:
- Canaccord says bitcoin miners still earn nearly all their revenue from BTC but are increasingly repositioning for AI infrastructure growth.
- Falling capital costs and new financing avenues are allowing miners to expand into GPU cloud services and AI hosting.
- Hut 8’s spinout of its mining arm into American Bitcoin marks a broader shift toward separating energy and mining businesses for clearer value, the report said.
Bitcoin mining still generates nearly all of the sector’s revenue even as the focus is shifting to artificial intelligence (AI), broker Canaccord Genuity said in a report on Tuesday.
However, the pivot makes sense as miners built out vast energy infrastructure for bitcoin that now positions them to power the next wave of AI data centers, said Canaccord's analysts, led by Joseph Vafi.
STORY CONTINUES BELOW
Не пропустите другую историю.Подпишитесь на рассылку Crypto Daybook Americas сегодня. Просмотреть все рассылки
Sector evolution is accelerating, driven by rising AI investment, more miner-AI deals, lower financing costs, and new corporate structures. However, bitcoin mining fundamentals remain strong, with prices near record highs and costs ranging from $30,000 to $40,000 per coin, the analysts wrote.
Efficiency gains, improved power strategies—especially in Texas—and fleet upgrades have kept leading miners profitable and dominant, the report said.
Canaccord says cheaper capital and investor demand are opening new paths, from GPU leasing to miners building their own AI clouds.
Cipher Mining (CIFR) and IREN (IREN) have recently issued billion-dollar zero-coupon convertible bonds, while IREN and Hive Digital (HIVE) already operate GPU cloud platforms.
Hut 8’s (HUT) spinout of American Bitcoin (ABTC) underscores a broader shift toward separating mining and energy operations to unlock value and focus growth, the report added.
Read more: Bitcoin Mining Profitability Declined More Than 7% in September: Jefferies
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
