VanEck’s new research shows that Bitcoin (BTC), miners, are increasingly turning to high-performance computing and artificial intelligence.
Matthew Sigel of VanEck’s digital asset research department, in a post on social media, X, said that BTC miner are using technology to make profits by strategic arbitrage.
Bitcoin miners have shifted to AI and High-Powered Computing (AI/HPC), generating new revenues through arbitrage. By converting 20 percent of the collective computing capacity, we estimate that a net present value of $38 billion will be created by 2027. The combined market capitalization of all the companies we studied is $19 billion ).”
VanEck says that AI projects require a lot of energy, and Bitcoin miners can help to solve this problem and create a new revenue stream.
The synergy between AI and Bitcoin mining is straightforward: both companies require energy. Bitcoin miners provide it. Access to power, especially for the short term, is a key factor in valuing the AI/HPC market. Existing Bitcoin miner are well-equipped to support AI/HPC right away .”
VanEck data shows that publicly listed BTC miners control an unprecedented percentage of Bitcoin hashrate, while their market capitalization reached all-time records in July.
Sigel claims that the MarketVector Digital Asset Equity Index –, which tracks the performance of digital asset industry’s largest and liquid companies –, started underperforming Bitcoin when the crypto market corrected in August.
After the recent correction however, MarketVector Digital Asset Equity Index tracking these stocks is flat on a year-to date basis, and underperforms the Bitcoin price of 3,800 basis point. We believe that investors have missed a potential story which could increase the value of these stocks by doubling the market capitalization, without any change to Bitcoin mining profits.
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The ICD published the article Bitcoin Miners Switching to Artificial Intelligence, High-Performance Computing and VanEck analysts.
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