Hedge fund Situational Awareness LP, led by former OpenAI researcher Leopold Aschenbrenner, has invested approximately $1 billion of its $5.5 billion portfolio into Bitcoin mining companies. According to NS3.AI, the fund is focusing on miners like Core Scientific, Iris Energy, Cipher Mining, Riot Platforms, and Hut 8, which are transitioning into AI and high-performance computing by leveraging their existing power infrastructure. Analysts suggest this move indicates a change in how miners' value is perceived, emphasizing their electricity and grid access. This shift comes in the wake of the 2024 Bitcoin halving and reduced onchain activity, which have pressured traditional Bitcoin mining revenues.