Bitcoin mining is no longer just about hashing power. After the April 2024 halving cut block rewards in half, a growing number of publicly traded miners began rewriting their business models.

Artificial intelligence has shifted from a growth catalyst to a central source of concern during the latest earnings season. According to Bloomberg News transcript analysis, references to “AI disruption” nearly doubled quarter-over-quarter, reaching record levels in late 2025 and early 2026 corporate conference calls.

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