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Canaccord: Bitcoin Miners’ Energy Edge Makes Them Key Players in the AI Boom
October 28, 2025
Bitcoin mining still drives almost all sector revenue, but the next growth story may come from AI, according to a new Canaccord Genuity report.
The broker said the shift toward AI computing is a natural progression for miners who have already built vast energy networks to power bitcoin operations. “These assets now position miners to fuel the next generation of AI data centers,” wrote analyst Joseph Vafi and his team.
Canaccord noted that the sector’s transformation is picking up speed, propelled by surging AI investment, falling financing costs, and new miner-AI partnerships. Still, bitcoin mining fundamentals remain healthy, with BTC prices hovering near record highs and production costs between $30K–$40K.
Top miners remain profitable thanks to efficiency gains, cheap power, and hardware upgrades, particularly in Texas, the firm added.
The report pointed to new opportunities emerging from GPU leasing and AI cloud buildouts. Cipher Mining (CIFR) and IREN (IREN) have both raised over $1 billion through zero-coupon convertible notes, while IREN and Hive Digital (HIVE) are already operating GPU-based cloud platforms.
Meanwhile, Hut 8’s (HUT) decision to spin off American Bitcoin (ABTC) shows a broader shift toward separating mining from energy operations to maximize value, Canaccord said.
