AI or Bankruptcy? Crypto Mining Sector Looks for Alternatives as Bitcoin Mining Revenues Decline
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- Bitcoin mining sector faces challenges, revenue sees a significant decline
- Bitcoin miners may incur substantial costs and logistical hurdles when transitioning to AI data centers.
As of August, Bitcoin [BTC] traded within a range of $64,000 to $57,700. The price of BTC continued descending into September. At present moment, BTC is priced at $56,816.75.
According to CoinMarketCap’s latest update, despite a slight increase of 0.38% over the past day, technical indicators suggest an ongoing bearish trend.
Moreover, amidst this uncertainty surrounding prices and profits, BTC miners are seeking ways to diversify into high-performance computing facilities as an alternative revenue stream.
Phil Harvey—CEO of Sabre56 (a consulting firm focusing on blockchain data centers)—expresses that such transitions could prove challenging and may not be practical for many businesses.
Harvey stated in a media interview that transforming a crypto mining facility into one supporting high-performance computing or AI comes with steep costs.
He explained that while typical mining operation expenses range from $300K to $350K per megawatt for energy and operational needs; AI-capable datacenters require investments reaching between $3M and $5M per megawatt—a staggering increase by up to 15 times existing costs.
He added that even with availability of one gigawatt power supply; only approximately 200 megawatts would be usable towards high-level computations like those required for AI workloads.
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It’s probably true that roughly only about 20% of each miner’s resources would hold crucial attributes like access to cheap power sources along with convenient land necessary for supporting emerging technologies such as artificial intelligence solutions.. span > blockquote >The decline in Bitcoin revenues
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