This is an interesting trend that I believe will age poorly. Some bitcoin mining businesses are pivoting their business model to suit the rampant growth and demand for high power compute focused on the AI industry. The build-out of a facility focused on bitcoin mining is massively different (cheaper) than a data center focused on AI. The difference in infrastructure needs reminds me of the post-COVID trend of large commercial real estate claiming they would modify office space to become apartments. The cost of conversion destroys any remaining unit economics unless the insane demand for AI compute holds steady for the next decade. I may be wrong, but I think we will watch many of these businesses that pivoted to AI pivot back when the AI bubble pops, and the bitcoin price runs.