On September 18, analysts at market research and brokerage firm Bernstein said that amidst the volatility of Bitcoin prices, mining companies like Core Scientific, IREN, and Terawulf have outperformed competitors solely focused on Bitcoin mining due to increased confidence in their data center thesis.

Analysts stated that the outperformance of AI-focused miners is driven by investors’ growing confidence in their diversified business models, higher valuation multiples, more predictable revenue streams, and greater flexibility in the turbulent Bitcoin market. Although their hashrate growth might be generally slower compared to pure Bitcoin miners, AI-focused miners are simultaneously expanding their data center infrastructure, presenting additional opportunities in the rapidly growing AI space.

Large public Bitcoin mining consolidation companies, like Marathon, Riot Platforms, and CleanSpark, hold substantial amounts of Bitcoin on their balance sheets. This year, the proportion of mining revenue sold has decreased compared to the same period in 2023, with these mining companies retaining 100% of their production in August. "This shift suggests that large miners are willing to raise capital or accept equity dilution to invest in capital expenditure and expand their market share in Bitcoin mining, rather than liquidating their Bitcoin holdings," analysts noted. "Currently, they see AI as a disruption and haven’t shifted capacity towards AI.”