We have entered an era of AI that once only existed in science fiction movies.Under the strong performance of technology giants such as Meta, Amazon and Apple, major companies have laid off employees and invested cash flow into hardware research and development, while the stock market has continued to rise.The recently popular OpenClaw, a self-hosted AI agent, has even more stars on GitHub than Linux and React. But how much of this AI wave is just hype?How many companies that have built the infrastructure can actually profit from it? In the United States, Bitcoin mining companies have already made their choices. Some of them have invested in building artificial intelligence data centers, and some have even completely rebranded to distance themselves from Bitcoin.While mining companies have made a variety of announcements and transformations on AI issues, some of these moves have been quite radical. Cypher Mining, one of the largest mining companies in the United States with a valuation of approximately US$6 billion, announced a complete transformation, abandoning the Bitcoin business and switching to the field of artificial intelligence.In its recently released name change report, it explained the reasons for selling 49% of its shares in the Alborz, Bear and Chief mines. Bitfarms Ltd, another large listed mining company with a valuation of more than $1 billion, has also completed a comprehensive transformation to artificial intelligence.According to media reports, its CEO Ben Gagnon even stated that they are no longer a Bitcoin company, even though their company name still has the word "Bit" in it. Some mining companies expect returns from digital intelligence to exceed those of Bitcoin, at least in the short to medium term; others see it as a diversification opportunity not to be missed. Kent Halliburton, co-founder and CEO of Sazmining, a private Bitcoin miner focusing on emerging energy, said, “The current average cost of mining one Bitcoin is about US$87,000, and the spot price of Bitcoin is about US$70,000. In other words, most of the industry is now losing money, and public miners are using this as an excuse to transform.” Halliburton also pointed out that $87,000 is the industry level, which also includes miners in Texas who use older mining equipment and rely on power grids.Sazmining uses 100% renewable energy in its mines outside the United States. The energy cost of producing Bitcoin will be 10% to 30% lower than the spot price, and the profit margin is very large.But for those American mining companies, reaching this level requires a longer investment cycle or lower energy costs, both of which seem difficult for them to achieve.