The Halving πŸ“‰


These companies believe that AI training could provide a safer and more consistent source of revenue than the volatile crypto industry. And so far, these pivots have been warmly received by investors, leading to the market cap of 14 major bitcoin mining companies jumping in value by 22%, or $4 billion, since the beginning of June, J.P. Morgan reported on June 24. 

This transition reflects several trends of the moment: 
  1. The roaring hype cycle of AI, 
  2. The dwindling access to power and 
  3. A tenuous bitcoin mining landscape following the bitcoin halving. 
Mining companies who survived the crash [in 2022] reaped profits in 2023 and early 2024. But a new challenge emerged this April: a technical update to Bitcoin called the halving, which slashed miners’ rewards in half. 

Bitcoin miners hoped that the halving would lead to a dramatic increase in the price of bitcoin, as has happened in previous crypto cycles, to offset this reward decrease. But bitcoin’s price has stayed more or less even since April, squeezing bottom lines, and forcing some miners to seek ways to diversify their business models. AI training is at the top of the list. 

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