Bitcoin Miners Face Tougher Economics as Revenue Drops in August. Mining Firms Poise for AI Computing Power

Benzinga

Bitcoin surged this week while the network hash rate hit an all-time high. The hash rate, which measures the collective computing power of miners, indicates more participants than ever are securing the network. However, investment bank Jefferies noted that mining profitability dropped significantly in August as Bitcoin miners faced increased competition for diminishing rewards. Firms are diversifying into AI and high-performance computing. Core Scientific has signed over a $6 billion deal with CoreWeave for AI-powered operations.

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00:00It's Benzinga, and here's what's on the block.

00:03Bitcoin surged this week while the network hash rate hit an all-time high.

00:07The hash rate, which measures the collective computing power of miners, indicates more

00:11participants than ever are securing the network.

00:14However, investment bank Jefferies noted that mining profitability dropped significantly

00:18in August as Bitcoin miners faced increased competition for diminishing rewards.

00:22Firms are diversifying into AI and high-performance computing.

00:26Core Scientific has signed over a $6 billion deal with CoreWeave for AI-powered operations.

00:32For all things money, visit Benzinga.com.

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