Bitcoin
Bitcoin Miners Diversify Into AI as CoinShares Expands WGMI ETF
Bitcoin mining companies are pivoting toward artificial intelligence and data center infrastructure, leveraging their existing power and cooling capabilities.
Bitcoin mining has entered a new phase as firms traditionally focused on BTC production shift toward AI and high-performance computing operations. The transition reflects a practical convergence: AI systems require the same resource-intensive infrastructure—abundant electricity, data center space, cooling systems, and utility relationships—that miners have already built out at scale.
CoinShares has responded by expanding its Bitcoin Mining ETF (WGMI) beyond traditional mining companies to encompass AI and HPC infrastructure providers. The industry's profile is evolving from a pure Bitcoin bet to a broader play on digital power infrastructure.
The timing reflects structural pressures in mining economics. The April 2024 halving cut block rewards from 6.25 BTC to 3.125 BTC, and miners derive over 99 percent of revenue from newly minted Bitcoin rather than transaction fees. Meanwhile, global data center power demand is expected to nearly double from around 485 TWh in 2025 to approximately 950 TWh by 2030, with AI driving the surge.
For the AI industry, sourcing data center capacity presents a significant bottleneck. Building new sites with grid access, high-voltage systems, cooling infrastructure, and long-term power contracts can take years. Mining operators already possess these assets and the expertise to manage them. Examples include Core Scientific's $10.2 billion, 12-year deal to host AI workloads for CoreWeave, and IREN's five-year arrangement with comparable scope.
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