As major miners like Core Scientific, Bit Digital, and Iris Energy are attracted by higher returns, they are pivoting 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, spurring deals like Iris Energy's $9.7 billion contract with Microsoft. Today, mining facilities are seen as critical energy infrastructure for the AI boom.

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