Several mining companies, including Applied Digital, Core Scientific, TeraWulf, Ionic Digital and Keel Infrastructure, are redirecting their data centers, power contracts and infrastructure toward artificial intelligence. Core Scientific expects its hosted mining operations to conclude by December 31, 2026, while Keel Infrastructure plans to gradually wind down its bitcoin mining business in 2026 and 2027. Since Ionic Digital’s public listing, bitcoin has outperformed the former miners that made the transition. Their shares have slightly outperformed those of miners still dependent on mining, but the comparison is inconclusive because nearly all industry participants are now adopting AI-related strategies.
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