Bitcoin miners are finally outperforming Bitcoin, but not for the usual reasons. This surge is driven mostly by a few public mining companies redirecting part of their compute capacity toward AI workloads, not Bitcoin’s price momentum. Without those AI-related bets, we wouldn’t see this kind of divergence.

Leveraging excess capacity for AI is a rational move for miners. Bitcoin mining alone isn’t a high-margin business right now, so diversification makes sense. Still, the AI compute market is competitive. This likely won’t be a full pivot but a gradual balancing act: miners