Jackson Hole, Wy. — Bitcoin miners have long been defined by the boom-and-bust rhythm of the four-year halving cycle. But the game has now changed, according to some of the industry’s most prominent executives at the SALT conference in Jackson Hole earlier this week.

The rise of exchange-traded funds, surging demand for power, and the prospect of artificial intelligence (AI) reshaping infrastructure needs mean that miners must find ways to diversify or risk being left behind.

“We used to come here and talk about hash rate,” said Matt Schultz, CEO of Cleanspark. “Now we’re talking about how to monetize megawatts.”

For years, mining companies—which derived their main source of revenue solely from mining bitcoin—lived and died by the four-year bitcoin halving cycle. Every cycle, rewards we

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