Catenaa, Tuesday, October 28, 2025-Bitcoin miners are breaking away from bitcoin’s price performance as they redirect resources toward artificial intelligence, according to a new report by JPMorgan.
Analysts said the move has lifted mining companies’ market values even as bitcoin’s price has remained largely unchanged since July.
JPMorgan analysts, led by managing director Nikolaos Panigirtzoglou, said the correlation between mining stocks and bitcoin has shown a “clear breakdown.”
The bank attributed this shift to miners’ growing investment in AI infrastructure, which is offering steadier and higher-margin returns than traditional bitcoin mining.
Mining firms were once viewed as proxies for bitcoin exposure, but equity markets now value them for their AI potential.
This re-rating, the report said, reflects the sector’s transformation as miners seek stability amid rising costs and tighter profitability following the April 2024 halving that cut block rewards to 3.125 BTC.
JPMorgan estimated the current average cost of mining one bitcoin at about $92,000, projected to reach $180,000 after the next halving in 2028.
Energy, hardware, and power contract renewals are expected to keep production costs elevated, further straining smaller operators.
Analysts said the pivot to AI could slow bitcoin network hashrate growth, tempering cost increases while favoring large, well-capitalized miners able to shift between bitcoin and AI computing.
Smaller firms, including BitMine and BIT Mining, have begun diversifying into Ethereum and Solana treasury operations to stay afloat.
