Mining companies are changing course: 83% of TeraWulf’s revenue now comes from AI computing rentals, leaving mining as a supporting act ⛏️➡️🤖
📊 Q3 earnings (11/6, source: The Block):
• Mining revenue: $13.2 million, down 69% year over year
• HPC/AI rental revenue: $63 million, up 774% year over year
• Total revenue: $76.2 million, up 51%; rentals accounted for 83% (just 14% in the same period last year)
• Lake Mariner has 102MW online and 336MW under construction; there’s also a 20-year, 401MW lease with Anthropic
🧠 My take:
1️⃣ With weak coin prices and high post-halving computing costs, using their power and data centers to generate AI cash flow is a rational choice for mining companies.
2️⃣ But this also changes the “miner selling pressure” narrative: publicly traded mining companies are becoming less sensitive to BTC and may look more like data center stocks going forward.
3️⃣ I’m neutral to cautious on $BTC : the security budget relies on block rewards, so if more computing power shifts to AI, we’ll need to see whether transaction fees can take over in the long term.
BTC is currently around $75,700, and the Fear & Greed Index is 28 (Fear).
👉 Do you think mining companies’ full-scale shift to AI is bearish or bullish for $BTC ? Let’s discuss in the comments 👇
#比特币 #BTC挖矿 #AI
Personal opinion only; not investment advice
📊 Q3 earnings (11/6, source: The Block):
• Mining revenue: $13.2 million, down 69% year over year
• HPC/AI rental revenue: $63 million, up 774% year over year
• Total revenue: $76.2 million, up 51%; rentals accounted for 83% (just 14% in the same period last year)
• Lake Mariner has 102MW online and 336MW under construction; there’s also a 20-year, 401MW lease with Anthropic
🧠 My take:
1️⃣ With weak coin prices and high post-halving computing costs, using their power and data centers to generate AI cash flow is a rational choice for mining companies.
2️⃣ But this also changes the “miner selling pressure” narrative: publicly traded mining companies are becoming less sensitive to BTC and may look more like data center stocks going forward.
3️⃣ I’m neutral to cautious on $BTC : the security budget relies on block rewards, so if more computing power shifts to AI, we’ll need to see whether transaction fees can take over in the long term.
BTC is currently around $75,700, and the Fear & Greed Index is 28 (Fear).
👉 Do you think mining companies’ full-scale shift to AI is bearish or bullish for $BTC ? Let’s discuss in the comments 👇
#比特币 #BTC挖矿 #AI
Personal opinion only; not investment advice
