Charles Edwards, founder of Capriole Investments, is sounding the alarm: as public Bitcoin miners pivot into AI compute, mining revenue could tumble to roughly 30% of these firms’ income within 2–3 years.
Edwards laid out the trend in a recent post on X, summarizing disclosures from major listed miners that have announced moves into the AI/high-performance computing market. While every company in the sample has publicly committed to an AI push, most are not yet seeing meaningful AI-derived revenue—on average AI currently accounts for about 13% of revenue for the major miners, leaving BTC mining as the dominant income source for now.
That balance is expected to change fast. According to the compiled targets, many miners aim for AI to supply the majority of revenue by 2027–2028. “On average current Bitcoin revenue is expected to drop from 90% to just 30% in the next 2–3 years!” Edwards wrote, flagging a dramatic reshaping of business models across the sector.
The market has already rewarded ambitious pivots. Edwards notes firms targeting an 80%+ share of revenue from AI saw average stock gains of over 500%, while miners with AI revenue targets under 60% experienced roughly one-tenth of that growth—some even showing negative two‑year returns. That divergence highlights investor appetite for high-performance compute exposure, even at the potential expense of traditional mining operations.
Beyond company financials, the shift raises questions about Bitcoin network security. Mining secures the blockchain, and a sizable reallocation of energy and hardware toward AI might weaken the network’s mining capacity over time. Blockchain.com data show Bitcoin’s hashrate has declined in recent months, though Edwards and others caution that the drop could also be driven by the recent fall in BTC price rather than the AI pivot alone.
Still, the revenue trajectories projected by miners suggest the industry’s focus is changing quickly. “Bitcoin used to be famed for having the biggest computing network in the world,” Edwards said. “It’s now collapsing into AI at record pace.”
Price check: Bitcoin is trading around $76,200, up about 5.5% over the past seven days.
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