Miners giving up on BTC as crypto traders also ‘pivoting to AI’

Homepage > News > Business > Miners giving up on BTC as crypto traders also ‘pivoting to AI’ Many block reward miners may be putting BTC in their rearview mirrors, but the road ahead to their artificial intelligence (AI) destination isn’t free of potholes. Miners not the only ones ditching BTC for AI Bitdeer’s mining output hits new highs, but losses grow Riot Platforms’ mining revenue down, AI revenue/deals up Keel Infrastructure ‘demolishes’ mining ops, warns no more revenue this year The BTC network’s mining difficulty rate rose ~1% on August 8 and currently requires an average of 127.5 trillion hashes (mathematical guesses) to ‘find’ a new block and claim the 3.125 BTC block reward. The current projection for the next adjustment on August 22 is for another increase of ~1.4%. Rising difficulty, coupled with BTC’s fiat price stuck in a narrow band of US$60,000-$65,000 for two months and counting, means the economics of mining are only getting worse. As of the evening of August 11, the average all-in cost of mining a single BTC token—including depreciation of ASIC mining rigs and the constant need to replace older, slower rigs with newer, faster ones—exceeds the value of ...