As the cryptocurrency mining industry evolves, major companies are shifting from traditional Bitcoin mining to artificial intelligence (AI) and high-performance computing (HPC), according to Bloomberg reports. This strategic pivot helps hedge against crypto market volatility while positioning firms at the forefront of emerging tech trends.
Bitdeer Technologies Group, based in Singapore, saw its stock jump nearly 30% after unveiling plans to convert its 570-megawatt facility in Clarington, Ohio, into an AI data center. In the best-case scenario, full conversion could generate annualized revenue exceeding $2 billion by the end of 2026. The company's stock, trading on Nasdaq under BTDR, is up about 5% year to date.
TeraWulf Inc., from Easton, Maryland, is ramping up expansion with a $3.2 billion issuance of senior secured notes to scale its Lake Mariner data center in Barker, New York, integrating AI and HPC capabilities. Its stock, trading as WULF, has surged over 155% year to date.
Riot Platforms, based in Castle Rock, Colorado, is methodically incorporating AI and HPC into operations, enlisting Evercore and Northland Capital Markets as advisors to explore AI applications at its Corsicana Facility in Texas. Its stock price is up nearly 92% this year, trading around $20 per share.
Cipher Mining Inc. made waves with a 10-year, $3 billion colocation agreement with Fluidstack, a Google-backed company, guaranteeing $1.4 billion in lease obligations for a 5.4% equity stake. The Nasdaq-listed firm, trading under CIFR, has seen its stock rise over 288% year to date.
IREN Ltd. pivoted from Bitcoin mining to AI and HPC, closing a $1 billion convertible senior notes offering to fund its transition. Its stock has skyrocketed over 480% year to date as it expands AI and HPC cloud services.
This shift is partly driven by the 2024 Bitcoin halving, which reduced block rewards from 6.25 to 3.125 BTC, squeezing miner revenues amid rising network difficulty and energy costs. Analysts highlight that revenue per megawatt and EBITDA margins are higher for HPC and AI colocation than for mining. Wolfie Zhao of TheMinerMag noted, 'The focus is shifting from how much hashrate can we add to how efficiently can we utilize our energy footprint,' while John Todaro of Needham & Co. stated, 'The revenue per megawatt and EBITDA margins are far higher for HPC and AI colocation than for mining.' Investors are rewarding this transition, with a fund tracking listed miners surging over 150% year-to-date, while Bitcoin itself is up only about 14% in 2025.
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