Overview
- Charles Edwards of Capriole said public miners expect Bitcoin to fall from about 90% of their revenue to roughly 30% within two to three years as they steer into AI.
- His compilation shows AI provides about 13% of revenue today, with many miners targeting AI as their main business by 2027 to 2028.
- Edwards said stocks of firms touting 80% or higher AI revenue goals rose more than 500%, and several miners plan to stop buying new ASICs and run existing machines to end of life while funding AI data centers.
- A report from TheEnergyMag said large listed miners, including Marathon, Riot, CleanSpark, Bitdeer and Congo, sold more than 32,000 BTC in Q1 2026 after mining revenue sagged, with “hashprice” — revenue per unit of computing power — near record lows and post-2024 rewards smaller.
- Blockchain.com data shows Bitcoin’s hashrate, the total computing power that secures the network, has slipped in recent months, and Edwards cautioned that less ASIC spending could weaken security and reduce buy-side support for price.