Bitcoin Miners Well-Positioned for AI Boom with Strategic Power Holdings, Canaccord Reports

Institutional/Analytical Tone

Canaccord: Bitcoin Miners’ Infrastructure Offers Strategic Advantage in AI Era
October 28, 2025

Bitcoin miners remain deeply tied to cryptocurrency economics, but their extensive power and data infrastructure positions them advantageously for AI-driven expansion, Canaccord Genuity said in a research note.

The firm’s analysts, led by Joseph Vafi, observed that bitcoin mining continues to generate nearly all industry revenue, even as the sector’s narrative evolves toward artificial intelligence. The shift, they said, is strategically aligned, as miners possess the energy scale and operational expertise that AI data centers require.

Canaccord highlighted several tailwinds, including increased AI capital investment, lower borrowing costs, and the rise of hybrid business models blending mining and compute services.

Despite the changing narrative, bitcoin mining economics remain strong, with BTC prices near record levels and average production costs between $30,000 and $40,000. Efficiency improvements and power optimizations, particularly in Texas, have sustained profitability for leading operators.

The firm pointed to recent examples of miners restructuring or raising capital to pursue AI opportunities: Cipher Mining (CIFR) and IREN (IREN) launched $1B zero-coupon convertible bonds, while Hive Digital (HIVE) and IREN run active GPU cloud operations.

Additionally, Hut 8’s (HUT) spinout of American Bitcoin (ABTC) reflects a strategic separation of energy and mining arms to unlock further growth potential, the report said.