Bitcoin Miners Adapt Business Models Amid Rising Power Costs and AI Demand

At the SALT conference in Jackson Hole, Bitcoin miners discussed significant changes in their industry, driven by factors like exchange-traded funds (ETFs), power demand, and artificial intelligence (AI). Key points include:

Miners are shifting focus from traditional metrics like hash rate to monetizing energy.
The four-year halving cycle's impact on mining profitability is diminishing as Bitcoin matures as an asset.
ETF demand has exceeded Bitcoin generation this year, altering market dynamics.
Cleanspark operates 800 megawatts of energy infrastructure and is exploring revenue beyond Bitcoin mining.
Profitability hinges on low-cost electricity; current costs can consume half of mining revenue.
Terawulf signed a $6.7 billion deal with Google to convert mining infrastructure into data centers.
IREN maintains high profitability due to operational control in low-cost power areas, achieving a 65% EBITDA margin.
Marathon Digital holds Bitcoin on its balance sheet for stability during market fluctuations.
Energy management is crucial, with companies looking to optimize consumption and expand opportunities in AI.

While AI integration is increasing, Bitcoin remains central to the business models of these companies as they adapt to evolving market conditions.