AI deals lift Bitcoin mining stocks
- Shares of several Bitcoin mining companies climbed after new AI infrastructure deals.
- Hut 8 and IREN led gains as investors welcomed their AI expansion plans.
- The deals highlight how miners are seeking new revenue beyond Bitcoin mining.
Hut 8 and IREN shares rose after both companies announced new artificial intelligence infrastructure agreements.
The announcements show how Bitcoin miners are expanding into AI and high-performance computing as they look to diversify their businesses.
Hut 8 secured a long-term agreement to support AI computing, while IREN announced a separate deal to expand its AI infrastructure services.
Investors welcomed the announcements because AI workloads can provide steadier income than Bitcoin mining during periods of weaker crypto prices.
Many Bitcoin miners are using existing power capacity and data centres to attract AI customers without building entirely new facilities.
The shift reflects a wider industry trend as mining companies look to reduce their reliance on Bitcoin (CRYPTO:BTC) revenue alone.
At the time of reporting, Bitcoin price was $65,128.82.
