VanEck: Due to unstable mining income, American Bitcoin mining companies are transitioning to artificial intelligence and high-performance computing

ChainCatcher reports, according to Cryptoslate citing a VanEck report, that due to unstable transaction fee income, Bitcoin mining companies are accelerating their transition towards artificial intelligence (AI) and high-performance computing (HPC) businesses. The report points out that while network congestion may lead to short-term cost increases, the rise of off-chain solutions such as exchange-traded funds (ETFs), futures markets, second-layer networks and centralized exchanges creates uncertainty for long-term on-chain revenue growth.

It is reported that several mining companies including Cipher Mining, Iris Energy, Riot Platforms and HIVE Digital Technologies have begun laying out related businesses. VanEck predicts that Bitcoin miners will allocate 20-30% of their power capacity for AI and HPC business in the future in order to diversify their sources of income.