Bitcoin Miners Pivot to AI: Galaxy Digital Says the Grass May Be Greener

Mining rigs gathering dust? Galaxy Digital—Michael Novogratz’s crypto powerhouse—just threw cold water on Bitcoin’s proof-of-work crowd. Their latest analysis suggests AI compute could outpace crypto rewards for miners staring down the halving’s profit squeeze.

GPUs over ASICs? The math is getting harder to ignore. With AI workloads gobbling up data center capacity, miners are eyeing Nvidia’s gold rush. Because when your business runs on electricity and desperation, you follow the hype—even if it means abandoning the blockchain dogma.

One hedge fund manager’s ’diversification strategy’ is another’s surrender to reality. The real question: When the AI bubble pops, will they come crawling back to Bitcoin—or beg for a government bailout?

However, not all crypto mining sites are fit for the shift, Mike Novogratz’s Galaxy Digital wrote, noting that some may not have the right conditions for AI and high-performance computing, even if they still work well for Bitcoin mining.

With U.S. data center capacity expected to more than double by 2030, Galaxy says miners who adapt now could become “some of the largest operators in the industry.”