That’s the key word here: diversify. For mining-focused companies like Hut 8, Applied Digital, Iris Energy, and potentially Mintgreen, the idea is not a complete pivot from bitcoin to AI, but rather creating a broader portfolio that’s more durable in a bear market. “We need to have multiple revenue streams,” says Rayner, “so that we’re the most efficient miner and can stay nimble and strategic if margins compress.” And “margins compress,” of course, is a euphemism for another crash in bitcoin prices. That could wipe out some bitcoin-only miners; for others, AI could mean survival.
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