As major miners like Core Scientific, Bit Digital, and Iris Energy are attracted by higher revenues, they are redirecting their data centers toward AI computing, causing Bitcoin's hashrate to plummet. AI data centers generate revenues of $200 to $500 per megawatt, far exceeding Bitcoin mining's $57 to $129, which has spurred deals like Iris Energy's $9.7 billion contract with Microsoft. Today, mining infrastructure is being viewed as critical energy infrastructure for the AI boom.

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