Bitcoin miners’ real prize is power as AI reshapes mining

Bitcoin miners spent years racing to secure cheap electricity, and that electricity has since become more valuable than the Bitcoin mining business built on it. That inversion drives Fidelity's May 2026 assessment that AI hosting could give miners a second revenue stream while flattening Bitcoin's hash rate as major operators redirect energy infrastructure away from pure mining, and two hyperscaler contracts have put a concrete price on what miners built. Cipher Mining's SEC-filed business updat