Bitcoin Miners Are Pivoting to AI. How Does It Impact Crypto? Bits + Bips - Ep. 943

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Nov 8, 2025

Join John Todaro, Managing Director at Needham & Company with expertise in Bitcoin mining and AI, and Kevin Dede, Senior Research Analyst at H.C. Wainwright, as they delve into the evolving landscape of Bitcoin mining. They explore why miners are pivoting to AI, the implications of Wall Street valuing them as data infrastructure, and the potential red flags investors should watch for. The duo critiques hashprice trends and discusses the financial pressures facing miners while pondering if rising AI demand can justify the massive infrastructure investments.

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INSIGHT

HPC Demand Re-Rated Miners

Investors now value Bitcoin miners for their HPC/AI capacity more than pure Bitcoin exposure.
Oracle and CoreWeave deals revealed multi-gigawatt demand that re-rated miner valuations.

ANECDOTE

From Small Meeting To Full Room

Kevin recalled a CoreScientific analyst meeting that exploded from five to 120 attendees after a CoreWeave deal.
That meeting illustrated investor herd interest once HPC contracts became tangible.

INSIGHT

Stocks Price In AI Hope

A mining-stock rally vs. stagnant Bitcoin reflects investor enthusiasm for HPC upside.
Not all miners will benefit equally; a few have signed leases while many are only exploring the pivot.

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As profitability tightens and competition soars, many Bitcoin mining companies are turning to artificial intelligence and high-performance computing (HPC) to stay relevant. In this week’s Bits + Bips, host Steve Ehrlich sits down with John Todaro, Managing Director, Crypto & HPC/AI Equity Research at Needham & Company, and Kevin Dede, Senior Research Analyst at H.C. Wainwright, to unpack the pivot that’s reshaping an entire corner of the crypto industry.

They discuss how miners are courting AI clients, why Wall Street is suddenly valuing them like data infrastructure plays, and what this means for Bitcoin’s long-term security model. The conversation dives deep into hashprice trends, investor signals, power constraints, and whether these companies can truly deliver on the AI promise — or risk stretching too thin.

Guests:

Kevin Dede, Senior Research AnalystManaging Director of Equity Research at H.C. Wainwright
John Todaro, Managing Director, Crypto & HPC/AI Equity Research at Needham & CompanySenior Research Analyst at Needham & Company

Timestamps:

💡 0:00 Introduction

🏗️ 3:23 Why investors suddenly care about miners’ HPC capacity

📈 9:08 Why the Bitcoin Mining Index is outperforming BTC itself

🤖 12:49 Can AI demand really live up to the hype?

⚠️ 16:31 The red flags investors should be watching

💰 20:50 Why debt levels could make or break mining firms

🔄 23:14 Can miners truly pivot and deliver on the AI promise?

📊 29:42 Why hashprice is falling even as hashrate rises

🚀 34:02 The long-term potential for Bitcoin mining operations

🏦 42:07 Bitcoin miners vs. holding BTC on balance sheets

🇺🇸 51:10 The future of Bitcoin mining in the United States

🔁 57:08 Could miners pivot to securing other assets?

🧠 59:22 Should the U.S. government buy a stake in Bitcoin miners?

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