That’s the key word here: diversify. For mining-focused companies like Hut 8, Applied Digital, Iris Energy, and potentially Mintgreen, the idea isn’t to completely transition from Bitcoin to AI, but rather to create a broader portfolio that’s more resilient in a bear market. “We need to have multiple sources of revenue,” says Rayner, “so we can be the most efficient miner and remain nimble and strategic if margins shrink.” And “margin compression” is, of course, a euphemism for the further fall in bitcoin prices. This could ruin some bitcoin-only miners; for others, artificial intelligence could mean survival.

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