Bitcoin News Today: Bitcoin Miners Pivoting from Blocks to Bytes as AI Drives New Gold Rush

Bitcoin miners are accelerating diversification into artificial intelligence (AI) and high-performance computing (HPC) as profitability in traditional mining declines, with CleanSpark Inc. (CLSK) leading the charge. The company announced a $1.15 billion convertible notes offering on November 11, 2025, to fund expansion into AI infrastructure and repurchase shares, signaling a broader industry trend as rising network difficulty and plunging hash prices force operators to seek steadier revenue streams, StockTitan reports.

The move comes as Bitcoin's mining difficulty hit a record 155.97 trillion in late October 2025, a 6.31% surge from the prior adjustment, while hashprice revenue—the income miners earn per unit of computational power—plummeted to $41 per terahash per second (TH/s), nearing levels that could push smaller operators into survival mode, BeInCrypto reports. For CleanSpark, Bitcoin production fell to 612 BTC in October, down from 706 in March, underscoring the pressure on mining margins, BeInCrypto reports.

CleanSpark's $1.15 billion offering, upsized from an initial $1 billion target, features 0.00% interest and a 27.5% conversion premium over its $15.03 share price at the time. The company plans to allocate $460 million to repurchase shares from investors at $15.03 per share, while the remainder will fund power and land acquisitions, data center development, and repayment of bitcoin-backed credit lines, StockTitan reports.

The Texas-based miner also announced a 285 MW AI/HPC campus in Texas, leveraging its existing infrastructure to host GPU-driven workloads, Cryptoslate reports.

This strategy mirrors actions by peers such as TeraWulf Inc. (WULF), which reported an 87% year-over-year revenue surge in Q3 2024, driven by Bitcoin mining and AI/HPC services. TeraWulf's Lake Mariner campus in New York now hosts 22.5 MW of HPC capacity under long-term leases with Fluidstack, backed by Google's $1.8 billion credit enhancement, Coinotag reports. Similarly, Core Scientific Inc. (CORZ) expanded a 12-year HPC partnership with CoreWeave, securing 70 MW of additional capacity for operations starting in late 2025, Cryptoslate reports.

The pivot to AI is reshaping valuation metrics for mining firms. Investors are increasingly prioritizing contracted revenue from AI hosting—priced at $1.5–$2.0 million per megawatt per year—over pure hashrate growth, Cryptoslate reports. Bitdeer Technologies Group (BTDR), for instance, saw its Q3 2025 revenue surge 173.6% year-on-year, partly due to AI cloud services, while Phoenix Group, a Dubai-based miner, expanded its Ethiopian operations by 30 MW, aiming to scale to 1 GW of hybrid mining and AI capacity by 2027, Forklog, TradingView reports.

However, challenges persist. Regulatory hurdles, such as New York's emissions reduction mandates for Greenidge Generation Holdings, highlight the need for environmental compliance in AI infrastructure projects, CoinCentral reports. Additionally, GPU supply constraints and utility grid limitations, particularly in Texas' ERCOT region, could delay large-scale deployments, Cryptoslate reports.

Analysts note that while Bitcoin's price volatility remains a wild card, the shift to AI hosting offers miners a buffer against mining's inherent risks. Marathon Digital Holdings (MARA), which acquired 64% of EDF's Exaion unit, and Iris Energy (IREN), operating renewable-powered GPU clusters, exemplify the sector's pivot toward diversified revenue, Cryptoslate and Coinotag report.

CleanSpark's stock dipped 4.9% premarket following the bond announcement, reflecting investor skepticism about dilution risks from the convertible notes, TradingView. Yet, the broader industry's alignment with AI demand—projected to drive U.S. data-center electricity consumption to 606 TWh by 2030 per McKinsey—suggests long-term resilience, Cryptoslate reports.

As Bitcoin miners navigate a bear market, their pivot to AI underscores a fundamental realignment: infrastructure capable of hosting both ASICs and GPUs is becoming a scarcer asset than raw hashrate. For CleanSpark and its peers, the race to secure power, land, and grid access will define their ability to thrive in an era where digital infrastructure fuels both crypto and AI revolutions.