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JUST IN:Wintermute Cryptocurrency miners must put their Bitcoin to work to survive.
Wintermute said in a blog post on Thursday that Bitcoin (BTC) miners have spent years building large-scale power infrastructure in low-cost energy markets, and now find themselves "sitting on exactly what the AI industry most urgently needs and cannot easily replicate."
He said that Bitcoin mining is a "structurally rigid business model," and while the shift to AI is compelling, it is also a "drastic and capital-intensive step."