Published on September 25, 2023 20:51 GMT+00:00edited on September 25, 2023 20:54 GMT+00:00

Bitcoin miners are exploring ways to diversify their business models as they anticipate digital asset volatility ahead of next year's halving, according to an analyst. 

Compass Mining analyst Anthony Power noted that multiple headwinds are causing some miners to explore the option of repurposing part of their operations to run data centers. The pivot is a strategic move aimed at tapping into the expanding market driven by the increasing demand for GPU processing power in artificial intelligence applications, such as ChatGPT.

"If you are a bitcoin miner and mining in a location were you get really cheap energy, these operators are now thinking, if the BTC price drops, I need revenue coming in that is not impacted by the bitcoin price," Power told The Block.

"Bitcoin mining …