Another bitcoin miner quietly pivots to AI after $452 million loss

The Bitcoin mining business has started to sound a little different lately. Not long ago, the pitch was scale, efficiency and long-term exposure to Bitcoin. Now, most miners are talking about leases, hosting and compute. Well, there is a back story to it. After the April 2024 halving cut block rewards in half, miners were left fighting over a smaller pool of newly issued BTC while electricity, cooling and infrastructure costs stayed stubbornly high. The halving is a regular Bitcoin event that reduces ...