Bitcoin miners are turning to AI workloads, attracting investor attention. Companies like IREN, Riot, TeraWulf, and Cipher Miner are shifting resources to high-performance computing. AI offers better returns than crypto mining due to price swings. Bitcoin’s “halving” event reduces mining rewards, pushing miners towards AI. Cloud hyperscalers face delays, creating opportunities for power-ready operators like miners. Bernstein analysts estimate miners can cut data center deployment timelines by up to 75%. CleanSpark and other players are entering the AI data center market, with Riot’s shares up 104% from pivoting to AI. TeraWulf and Cipher Mining strike multibillion-dollar leases with Fluidstack. Galaxy Digital and CoreWeave also plan to transform data centers into AI hubs. IREN paused bitcoin mining to focus on AI cloud services. Analysts view the pivot to AI as a long-term strategy.

Read more at Yahoo Finance: Miners’ pivot to AI sends stocks soaring