Bitcoin mining companies are redirecting power and facilities to AI infrastructure as mining profitability deteriorates. Some large miners have begun converting sites, signing long-term computing contracts and cutting new mining equipment spending. Bitcoin trades around $64,000, about 50% below its October 2025 peak, while fees lag and the April 2024 halving cut block rewards. AI data centres offer higher power rates and long-term deals, but critics warn the shift may be poorly timed and difficult to reverse due to high capital costs.

Mara Holdings, a major bitcoin mining company, plans to acquire Long Ridge Energy & Power from FTAI Infrastructure for $1.5 billion. The purchase price includes Mara assuming more than $785 million in existing debt, with the remainder paid in cash and supported by a Barclays bridge loan. Mara expects the acquisition to add about $144 million in annual adjusted EBITDA based on results for the second half of 2025.