Bitcoin 채굴업체, AI 컴퓨팅이 향후 수익의 70% 주도할 것으로 예상; 암호화폐 근원 탈피

Publicly listed Bitcoin miners are on track to generate roughly 70% of their combined revenue from artificial intelligence infrastructure by December, up from about 30% today, according to digital asset manager CoinShares's Q1 2026 mining report.

The pivot reflects a dramatic strategic shift across the sector. More than $70 billion in cumulative AI and high-performance computing contracts have been announced among public mining companies, signaling the scale of the transition.

The move comes as miners navigate an extraordinarily challenging period. Hashprice—the measure of daily revenue per petahash—has fallen to around $29, levels not seen since the April 2024 halving. Bitcoin mining gross margins have compressed to roughly 60%, a steep decline from above 90% during the 2021 bull run.

Industry experts see structural advantages in the pivot. James Butterfill, CoinShares head of research, said AI offers structurally higher and more stable returns than mining, with cloud margins near 85%. Matthew Kimmell, investment strategist at CoinShares, characterized the transition as potentially marking the end of an era for large US miners, citing thin margins and hashprice hitting bottom levels.

Large miners have moved aggressively to capitalize on this opportunity. Core Scientific expanded its CoreWeave deal to $10.2 billion over 12 years, while TeraWulf secured $12.8 billion in contracted high-performance computing revenue and Hut 8 signed a $7 billion lease. In a particularly striking move, MARA Holdings sold over $1 billion in Bitcoin to fund the transition, abandoning its long-held HODL strategy.

The shift reflects broader market pressures. Bitcoin has fallen approximately 50% from its October peak near $126,000, trading around $76,610 in mid-April.