The Indicator from Planet Money Bitcoin miners are betting on AI over crypto
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Dec 10, 2025 
Kent Draper, Chief Commercial Officer at Iron, shares insights on how Bitcoin miners are pivoting to AI. He discusses the evolution of structures needed for Bitcoin mining, which are now more valuable for AI. The conversation highlights the challenges of energy supply and environmental concerns, while exploring why AI offers more stability than the volatile crypto market. Draper explains Iron's strategy of maintaining a dual focus on mining and AI infrastructure while adapting to changing market demands.
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Humble Hotel Roots To Major Data Centers
- BitFarms began mining Bitcoin in a hotel room and grew into a dozen North American data centers.
- Ben Gagnon described that trajectory from duct-taped servers to large-scale facilities as the company's origin story.
Bitcoin Firms Rebrand As Energy Players
- BitFarms is aggressively scaling back Bitcoin mining and plans to wind it up within a year or two.
- Ben Gagnon reframed the company as an energy and infrastructure business, not strictly a Bitcoin operator.
Energy Access Is The Real Competitive Edge
- Both Bitcoin and AI consume massive electricity, making energy access the bottleneck for growth.
- Companies with power contracts can redeploy capacity from mining to AI where returns are steadier.